The creation of the monastery was driven by the desire to strengthen the Church's position against the influence of exiled schismatics and revolutionaries. In December 1873, Bishop Antoniy Nikolaevskiy proposed to the city head P. I. Kuznetsov to acquire land for the monastery. After discussions in the city Duma, a decision was made to allocate a plot for this purpose.

From March 1874 to November 1875, the construction committee raised 21,320 rubles for the building. With these funds, a road was laid, the main wooden house with a church and cells was built, as well as an outbuilding.

On May 15, 1879, the monastery was solemnly opened. By 1886, the monastery had more than 20 heads of livestock, and the rented lands were used for agriculture. Until 1913, the main building housed an icon-painting school, sewing and shoemaking workshops, as well as bakeries.

In 1888, a flood on the Yenisei destroyed the outbuilding, the forge, and the roads to the city. Due to a lack of funds, the monks laid a temporary road through the forest. In 1889, summer residents formed a committee to restore the road, raising 10,000 rubles and 1,000 logs.

By 1890, there were 44 people living in the monastery, including 7 hieromonks, 1 hierodeacon, 4 monks, and 31 novices.

With the arrival of the Bolsheviks, the confiscation of monastery lands began, interrupted in 1918 by the Civil War. Bishop Nazariy noted that the management of the monasteries was conducted without oversight. In September of the same year, a children's shelter was established at the monastery.

In 1919, due to the small number of inhabitants, it was decided to merge the Assumption Monastery with the Znamensky Hermitage. In 1920, with the establishment of Soviet power, the nationalization of church property was announced. The buildings of the Znamensky Hermitage were given to a children's home, and a commune school was opened on the lands of the Assumption Monastery. In 1921, the monastery church was closed, and the monks were evicted.

Since 1946, the monastery buildings have housed the "Krasnoyarsk" rest house. In 1992, work began to return the monastery to the Church. Cossacks appealed to the administration of the Krasnoyarsk region to transfer the ruined monastery building and land for restoration and the creation of a Cossack camp. In 1998, the regional governor A. I. Lebed' supported this proposal.

In April 2000, an act of transfer of the semi-destroyed walls was signed. Currently, 11 monks live in the monastery. There are two wooden churches on the territory, consecrated in honor of Saint Prince Oleg of Bryansk and Saints Constantine and Helena, where services are held in the summer and on feast days.

In 2011, the construction of a stone church in honor of the icon of the Mother of God "All-Merciful" began, designed by architect Leonid Chernyshev. On December 7, 2015, the church was consecrated. The construction was funded by private donations, and the monastery is planned to be developed as a spiritual and cultural-historical center.