The Assumption Convent was founded by Vsevolod the Big Nest, the Grand Prince of Vladimir, at the very end of the 12 century. The first records of the convent date back to 1200.

The foundation of the convent is closely related to the first wife of the prince Marie Shvarnovna whose origin is disputed. They had 12 children, and some of them occupied the ducal throne. Originally, the Assumption Convent had to be the family burial vault. The Grand Princess Marie Shvarnovna was buried at the convent.

After her it was called the Princess`s Convent. Later, some other well-know princess including Alexandra and Vasilisa, the wives of Alexander Nevsky, were also buried there.

There remained no ancient buildings at the Assumption Princess`s Convent. The main church of the convent, the Assumption Cathedral, was built in the 16 century. At the convent there also remained the Church of Our Lady of Kazan with the ancient gate of the 16 century.