The monastery is located on an island in Lake Valdayskoye in Valdaysky District of Novgorod Oblast, Russia, close to the town of Valday.

The name of the Iveron Monastery, in its turn, originates from Iberia, an ancient Georgian kingdom.

Nikon was elected Patriarch in 1652, and in 1653, he asked Tsar Alexey II permission to found a monastery in Valday.

Nikon also ordered to transfer the relic of Saint Iosif of Borovichi to the monastery, which was done in February, 1654.

In the same year, all lands around Lake Valdayskoye, including the selos of Valday, Borovichi, and Vyshny Volochyok, were declared the property of the monastery.

The monastery buildings housed a museum, a workshop, a hospital, a retirement home, and a recreation facility.

In the Peter and Paul Cathedral in Valday, a copy of the icon of the Theotocos Iverskaya, dating from 1854, survived.

The oldest stone church built in the monastery (1656), the Assumption Cathedral, remains intact.