By the blessing of Patriarch Nikon, the construction of a men's monastery began between 1652 and 1662, completed in 1665. However, the consecration of the church took place only in 1670 due to circumstances.

The original builders and abbots of the monastery were Igumen Isaiah and elders Joseph, Cornelius, and Cyril.

In 1752, on the night before Easter, the bank was washed away by the Don River, and the church collapsed into the water. After that, the monastery was moved to the mouth of the ravine.

In 1785, at the initiative of the Cossack ataman A. I. Ilovaysky, the Ust-Medveditsky monastery became a women's monastery. 40 girls were transferred from the Sirotin girls' assembly under the guidance of Deacon Vasily Mikhailov. The first abbess was the widow of a Cossack elder, Maria Abramovna Karpova. The last abbot of the men's monastery was Igumen Pavlin, as well as Ust-Khoper priest Peter Evtikhiev.

In 1871, Abbess Arsenia appealed to Archbishop Platon for permission to build a church in honor of the Kazan Icon of the Mother of God and received approval. The church project was developed by Professor Ivan Gornostayev of the St. Petersburg Academy of Arts. Construction was completed in the summer of 1885, and the consecration took place on September 8 of the same year by Bishop Mitrophan. The cathedral was dedicated to the Kazan Icon of the Mother of God, and below a church with an altar in honor of St. Arseny the Great was created. On September 15, 1885, a chapel in honor of the holy apostles Peter and Paul was consecrated.

The church, built in the Byzantine style in the shape of a cross, accommodates 5,000 people. The columns with capitals in the Kazan church are made of Italian marble, processed in St. Petersburg at the Barinov workshop.

In 1928, the monastery was closed, and some nuns were repressed. According to the memories of a teacher from Kotovo, Tamara Vladimirovna Polyakova, some nuns created a "commune," bought a house where they prayed and earned a living. During World War II, they were captured by the Germans and taken to the Rostov region. After the war, some returned home.

In 1992, by the blessing of Archbishop Herman Timofeev, the restoration of the monastery began.

In August 2001, the monastery again became a women's monastery.

On September 9, 2012, the Great Consecration of the Kazan Mother of God Church took place in honor of the 360th anniversary of the Ust-Medveditsky Spaso-Preobrazhensky women's monastery. The upper church, which took more than 20 years to restore, was opened.

The Church of the Transfiguration of the Lord with 33 domes was built by the efforts of Abbess Georgiya over 10 years and was consecrated in 2014. This church was conceived as a monastic one. In the same year, a chapel in honor of St. Seraphim of Sarov was built.