The history of the founding of the oldest monastery in Nizhny Novgorod is still hotly debated by scientists and historians. Some firmly believe that the foundation stone of the monastery was laid by Grand Prince Yuri Vsevolodovich in the same year he founded the city itself. Others connect its foundation with the Metropolitan of Kiev and All Russia Alexius, who revived the old Christian monastery only in the 14th century. However, there are not sufficient grounds to accept these versions as historically accurate. Every year the monastery walls are shrouded in more and more new secrets and mysteries that attract thousands of curious tourists. There are many legends about the purpose of the Annunciation Monastery, which on the one hand served as a defensive fortress, and on the other – as a dispersal center of Orthodox Christianity. The boundaries of the monastery expanded every year, white-stone churches were built, the monks mastered new crafts. In general, the monastery had flourished until it was closed in the post-revolutionary years.

It took about a hundred years before the oldest monument of sacred architecture in Nizhny Novgorod was returned to the Orthodox Church, services were resumed in the churches, sewing and icon-painting workshops were opened and talented craftsmen started to work tirelessly, creating new masterpieces.

The present-day monastery is open to the public and includes the majestic Annunciation Cathedral, the fives domes of which resemble the helmets of the fabulous Russian bogatyrs, the graceful Assumption Church with a refectory and a bell tower, a small Russian Baroque St. Sergius Church, hidden in the shadow of the Annunciation Cathedral, as well as the former Church of St. Andrew with monastic cells.

In addition to the delightful white-stone churches, the Annunciation Monastery houses an ancient source called "Gremyachiy Klyuch", which has long been revered by believers as a healing holy spring. According to local legend, Metropolitan Alexius rested here on his way to the Golden Horde. Today, there is a small wooden chapel named after him on this site.