The monastery dates back to the Second Bulgarian State. It was the biggest cloister in the vicinity of the old town of Cherven. At that time, more than 100 nuns lived permanently in the monastery.
The troops of Midhad Pasha raided the area of Cherven during the Ottoman invasion. They set on fire all the monasteries (including the Koprivets monastery) and the villages in the area. There is a legend that five nuns (Paraskeva, Varvara, Ekaterina, Marina and Nedelya), who stayed at the monastery at the time of the invasion, died in the fire.
Following a local woman’s dream with God appearing in it, the monastery was rebuilt in 1987-1989 in its original place. It was consecrated on October 14, 1989. At present, the monastery and its hosts (Mother Varvara and a few nuns) welcome a lot of pilgrims each year.