The monastery was founded in 1398 when Ferapont the Reverend left Kirillov Monastery and settled on the shores of Lake Paskoye. There were many villages around this place and soon people started to come to him for advice. Then some people decided to stay with him as monks. That's how the Monastery was started.
Later Ferapont built the Church of the Nativity of the Virgin, the first church was built out of wood. In 1408 Ferapont left the Monastery and went to Mozhaisk to found a new monastery at the request of the prince of Mozhaisk Andrew. He was laways dreaming to come back, but he never did. He died in 1426.
In 1427 the Monastery was visited by Matinian the Reverend and he decided to stay there. Later he became the Father-Superior of the monastery. This period is considered to be the golden age of the Monastery. The Monastery was also famous for its big library.
In the main cathedral of Ferapontov Men's Monastery one can observe marvellous frescoes, created in 1502 by a famous artist Dionisy. These frescoes remained safe without restoration till present days.
In 1924 Ferapontov Monastery was closed. In 1975 the museum was established in order to protect the valuable frescoes of Dionisy.
In 2000 the Ensemble of the Ferapontov Monastery was enlisted into the UNESCO's World Heritage List.