Derevyanitskiy monastery got its name from the dried-up river Derevyanitsy (Derevyanka) which flowed into Volkhov and was first mentioned in the Novgorod chronicles in 1335 due to the construction of a stone church in honor of the Resurrection of Christ.

The original monastery complex included a stone church of the Nativity of Our Lady and the Resurrection Church and was closely connected with St. Sophia Cathedral. The retired archbishops lived here in 15th century.

In 1617, both stone churches of Derevyanitskiy monastery stood without roofs, church property was looted, monastic cells and fences were burned. By 1620 the Resurrection Church was restored, consecrated and the building of monk's cells began.

Over the 17th century, the monastery ensemble underwent significant changes. By the end of the century there were two temples in the center - an ancient stone church built in the traditions of the 14th century Novgorod architecture and a wooden one with a refectory.

In the 17th - 18th centuries Derevyanitskiy monastery was a correctional institution. Gentiles were brought here to be converted to the Orthodox faith. Dissenters and guilty clergy and monks were also kept in the monastery.

At the end of the 17th – beginning of the 18th centuries, stone construction was continuously carried out in Derevyanitsy. As a result the monastery ensemble was completely renovated but the whole architectural appearance was not changed radically.

In 1875 Derevyanitskiy monastery was modified into a convent. At the beginning of the 20th century a school was established here.

Derevyanitskiy monastery was abolished in 1920.

During the World War II, both churches of Derevyanitskiy monastery were seriously damaged - the shells partially destroyed the central arch and walls.

A large complex of research, design and restoration works was carried out here in 1964 - 1973.