The Nizhny Novgorod Annunciation Monastery is located on the right, upper bank of the Oka River. Founded in 1221, this is the oldest monastery in Nizhny Novgorod, as old as the city itself. The long history of the monastery is full of dramatic events; with its buildings seized by enemies, surviving many fires and rebuilt several times.

In the early 20th century, the monastery was closed; its territory housed various institutions and communal apartments. In 1948, the Church of St Alexis, Metropolitan of Moscow had to accommodate a planetarium, which was moved across the river to Revolyutsionnaya Street in 2005. The revival of the monastery began in 1993 when a religious school was set up there; two years later it was upgraded to a theological seminary. There is a sacred spring, Gremyachiy Klyuch, in a gully to the east of the monastery. Today, the Annunciation Monastery is active.