The monastery was founded in the mid-16th century by Princess Euphrosinia Staritskaya, the widow of Prince Andrei Staritsky, who was the uncle of Tsar Ivan IV the Terrible.

At that time, there was already a monastery in Kirillov, and in Goritsy, there were a wooden Resurrection church and an Introduction church. Princess Euphrosinia replaced the wooden Resurrection church with a stone one, dedicated to St. Cyril of Belozersk, in 1544, which is considered the year of the monastery's foundation. At the same time, a new warm church in honor of the Mother of God, the Odigitria, with a refectory was built.

The names of the first abbesses of the Goritsy monastery are known: Anisia, Anastasia, Sophia, Mariamia, Anna.

After the revolution, a agricultural artel "Kolos" was created based on the monastery, where the nuns worked. In 1932, the monastery was closed, and the nuns dispersed to nearby villages. In 1937, many of them, including the 70-year-old abbess Zosima Rybakova, were arrested and executed.

After the war, the monastery housed a home for the disabled. After its closure, the monastery was handed over to a museum. Restoration began, but funds were insufficient. In the 1990s, the restoration of the rural Introduction church began, which was later transferred to the monastery. On October 6, 1999, the monastery was officially recognized as active.

Currently, 10 to 20 residents live in the monastery. It is visited by pilgrims and tourists, especially in the summer when water routes open. The abbess of the monastery is Euphalia Lebedeva.

In May 2015, part of the 16th-century wall collapsed on the lakeside.