The monastery was founded in 1352 by the Suzdal and Nizhny Novgorod Prince Boris Konstantinovich. Reverend Euthimius who belonged to the spiritual companions of Sergius of Radonezh, was the first abbot in the monastery. After Euthimius' canonization (1549) the monastery became known as the Saviour Monastery of St. Euthymius. It is a UNESCO World Heritage site.