The monastery is known to have existed as early as 1521, when the Tatar horde of Mehmed I Giray reduced the city to ashes.
A late legend attributes its foundation to Dmitry Donskoy who, on his way to the Kulikovo Field, is supposed to have made a stay there and determined to give a decisive battle to the Tatars after seeing an image of St. Nicholas in a pious dream.
He "is reputed to have called out in ecstasy ugresha ("this sets my heart aflame") and founded a monastery on the very spot".
After the Russian Revolution, the monastery was closed and its grounds were given over to a children's colony of the People's Commissariat of Finance in 1920.
The monastery was returned to the Russian Orthodox Church on January 30, 1991, by the decision of the Moscow Regional Council.