Originally built by the Ukrainian clergy of the Ecumenical Patriarchate of Constantinople, since the 18th century (1709 Battle of Poltava) it belongs to the Russian Orthodox Church.

It was there that Yurii Khmelnytsky took the tonsure as Hedeon Khmelnytskyi and St. Athanasius III of Constantinople (an ecumenical patriarch) died and was buried.

The seven-domed church with six piers was designed by a German architect who had worked on the Trinity Cathedral in Chernihiv.

[3] After 1925 the monastery was occupied by the leaders of the so called Lubny Schism (Russian terminology), then under the Bolshevik administration it housed a succession of institutions for children, including a Young Pioneer camp, until the monks were allowed to return there in 1993.

[2] On November 22, 2013, President of Ukraine Viktor Yanukovych signed a decree "On Measures to Celebrate the 400th Anniversary of the Founding of the Mhar Monastery",[4] which provides for the implementation of measures to preserve and restore buildings and objects located on the territory of the Mhar Monastery, as well as the construction of a library building in 2014-2019.