This monastery is believed to have been founded by St. Euphemius, an Orthodox missionary in the Karelian lands. In 1419 the Swedes burnt down the Nikolo-Korelsky Monastery. The abbey stood in ruins until 1471, when two sons of Marfa Boretskaya were killed by a vicious storm and their bodies were recovered on the beach near the monastery twelve days later. At the urging of Boretskaya, the monastery was restored and her sons were buried there.