Saint Nicholas Convent was founded in 1350 by St. Dimitri of Priluki. The convent was repeatedly ruined, and restored including its main church – the St. Nicholas Cathedral.

The convent was first ruined by Tokhtamysh in 1382. Then the entire Pereslavl was burnt. It also suffered from the Polish troops in the Time of Troubles. But in 1613 the started Dionysius began to actively renew the monastic life.

The main church of the convent – the St. Nicholas Cathedral – was built during 1680-1721. About that time the Korsun cross was brought, which became the main halidom of the convent. Korsun cross is an ancient Byzantine sanctuary cross. The cross got in Russia with the train of the papal legate who escorted Sophia Palaiologina from Rome to her wedding in Moscow.

In 1923 the convent and a bell tower were blown up. They were completely restored in their original appearance during 2000-2003. The Baroque-style Church of St. Peter and Paul was built above the entrance to the convent in 1748.