The monastery was founded in 1810 by merchant A.D. Muromtsev as a charitable institution of the Penza diocese on the western outskirts of Krasnoslobodsk, near the city cemetery. It was located on the left bank of the Moksha River, next to the road to Temnikov. The most comprehensive information about the monastery is contained in I. Belyaev's book "Krasnoslobodsk Women's Monastery," published in the Penza provincial printing house in 1878. The history of the Assumption Monastery can be divided into four stages: first, it was a charitable institution under the management of diocesan authorities, then under civil administration, later, the Assumption cemetery charitable institution with care for the poor of spiritual rank, and finally, a monastery. On November 21, 1861, the monastery was solemnly opened by Archimandrite Ioann from the Saransk Petropavlovsky Monastery. The first to take vows in the monastery was the abbess Nadezhda Nikitina, who took the name Olympiada and was elevated to the rank of igumenia. Soon after her, other senior sisters followed, including the founder's daughter, Matryona Abramovna, who took the name Serafima. She, like her father, actively participated in the life of the monastery. Among the monastery's relics were the icons of the Mother of God Theodorovskaya and "Consolation and Comfort," as well as the icon of Saint Panteleimon. By the end of the 19th century, there were 200 nuns living in the monastery, and its holdings included 500 desyatins of land and securities worth 1,500 rubles, yielding an income of 88.5 rubles annually.

In 1816, a small Assumption church was built in the classical style with two chapels: of the holy apostles Peter and Paul, and of saints Anthony and Theodosius of the Caves. From 1872 to 1882, a six-column, three-apsidal cathedral in honor of the Ascension of the Lord was erected in the Russian-Byzantine style, topped with five domes and a bell tower. The monastery also housed the abbot's and cell buildings, the home church of Alexander Nevsky, and a school for orphaned girls of spiritual rank.

The Ascension Cathedral with the bell tower, the Assumption church, and the church of Peter and Paul have not survived. To this day, the hospital building with the church of Alexander Nevsky, the abbot's building, and the refectory chambers have survived. These buildings, which are monuments of urban planning and architecture of the 19th century, now serve as the Krasnoslobodsk interdistrict hospital. At the request of the abbess of the Temnikov Women's Monastery, Mother Magdalena, a prayer room was opened in September 2015 on the first floor between two departments. Thanks to the efforts of Bishop Kliment, the remnants of the monastery are beginning to revive: partial buildings, refectory chambers, and the wing with outbuildings have been renovated and now belong to the diocese. In the main cathedral dedicated to the Dormition of the Mother of God, there is now a garage and a boiler room for the Central District Hospital.