The monastery was founded in 1764 and transformed from an Old Believer monastery into a third-class community monastery by the decree of Nicholas I on April 27, 1841. In November 1894, according to a decree from the Holy Synod, a community was established at the monastery with a missionary purpose, and a clergy was appointed. Three years later, on February 7, 1897, the Samara Spiritual Consistory assigned the villages of Preobrazhenka and Malaya Tavolozhka to the monastery. The monks owned over 7,400 acres of arable and meadow land and more than 800 acres of forest, inherited from the Old Believers. Part of the arable land was rented out.

There were four churches on the monastery grounds. The first, a stone, cold, single-altar church was built by the Old Believers in the name of the Transfiguration of the Lord. It had a semicircular altar, a three-cornice iconostasis with columns and half-columns, and three porches. A separate stone three-tiered bell tower stood with a one-story annex divided into three sections: a sacristy, a library, and a staircase to the bell tower.

On November 15, 1856, a new stone, warm, two-altar church in the name of St. Sergius of Radonezh was consecrated. Between the church and the refectory was a narthex with four doors. In 1866, the refectory was rebuilt into a chapel in the name of St. Nicholas the Wonderworker with wall paintings, and in 1896, the refectory was again attached to the church.

In 1857, a stone, warm, house church with a single altar was built in the abbot's residence in the name of the Entry of the Most Holy Theotokos into the Temple, featuring a two-tiered iconostasis decorated with carvings. Another stone, warm, single-altar church in the name of All Saints was consecrated on September 17, 1885, and was located in the monastery cemetery, under which was a burial vault.

In 1860, there were 36 people in the monastery, including the archimandrite-abbot, three hieromonks, a priest, three hierodeacons, a deacon, a monk, two rassophore novices, and three altar servers. By 1915, the population had reached 130, of whom 39 were on staff, including the abbot and the bishop of the Nikolaev district. More than 90 were students of the monastery school.

The first abbot was monk Isaac. From 1851 to 1891, the monastery was headed by Archbishop Joasaph. In December 1891, Hieromonk Tikhon became the abbot, elevated to the rank of archimandrite. From 1901 to 1916, the position of prior was held by Archimandrite Macarius.

The estate included residential and service buildings. The abbot and the brethren lived in four stone buildings, while the others housed a binding workshop, a guesthouse for pilgrims, and a six-bed hospital providing free assistance to residents of Nikolaevsk and nearby villages. In 1899, a one-class school for boys was opened, teaching Old Believer reading and singing, later transformed into a church-parish school. Since 1893, the school had a second class with a missionary department for training priests. A binding workshop operated at the school. In 1899, a teacher's class was opened. In the early years, 14 boys studied at the school, and by 1907, more than 90. All students were fully supported and performed various obediences.

The monastery grounds were surrounded by a stone wall with towers at the corners and three gates. The middle gate was adorned with the faces of saints.

One and a half versts from the monastery was a hamlet with a windmill. On Lake Kalach, two versts from the monastery, a wooden chapel was built on September 5, 1855, in memory of Nicholas I, and in 1886, a dam was constructed to regulate meltwater. Fish were caught here for the kitchen and for sale.

The monastery was closed on January 26, 1918, by the decree of the Nikolaev District Soviet. The churches were repurposed for various institutions: the Transfiguration Church became a theater, the Sergiev Church became a warehouse, and the Vvedensky Church became a colony.

Currently, the territory of the monastery houses the Pugachevsky sanatorium.