The monastery was founded in by the monks Efrosiny, Ignaty, and Galaktion and the hieromonk Pimen at the end of the fourteenth century (a charter from 1391 mentions it), with Pimen becoming the first hegumen of the monastery. It was first mentioned in the chronicle under the year 1411. The monastery was patronized by Archbishop Evfimy II (r. 1429-1458), who was hegumen of the monastery before his election as archbishop of Novgorod in 1429, and was buried there (he is known as St. Evfimy of Vyazhishche). His sarcophagus is now in the Church of St. Evfimy of Vyazhishche, built in 1685. The monastery was one of the greatest landowners in the Novgorodian land, holding in the fifteenth and sixteenth centuries, some 2,000 hectares of land. Much of its lands were confiscated during secularization