According to the inscriptions on its walls and information provided by the Armenian 13th-century historian Kirakos Gandzaketsi, it was built in 1224–1237 by David's grandson Vasak II Kyurikian, and was consecrated in 1240.

[6] The church of the Holy Virgin was designed by the architect Hovhan who came from the Armenian capital city of Ani.

[7] The Surb Nshan (Holy Sign) chapel is situated in the southeastern part of the monastic complex.

Nor Varagavank is known to have hosted Archbishop Hovhanes Tvetsi, an important Armenian religious and cultural figure of the 13th century who built the main the Holy Virgin church's narthex between 1237 and 1261.

[9] In the beginning of the 19th century, the monastery was headed by Grigor Manucharian, who in 1804–1828, together with a detachment of armed volunteers under his command, took an active part in freeing Eastern Armenia from foreign rule.