Cathedral of the Nativity of our Lady in St. Anthony Monastery was founded in the early 12th century and several original structures are intact till this day. The founder was a wealthy foreigner named Anthony who was born in Rome. His arrival in Novgorod has grown over with legends and tales that have been preserved in his hagiography (a literary genre that had a saint's life as its subject). According to one legend, Anthony the Roman arrived in Novgorod by sea on a rock, having sailed on it around the European continent miraculously in just three days. This rock is still displayed in the courtyard of the monastery's Cathedral of the Nativity of Our Lady that was built in 1117. It is said that the rock has healing powers.

Fragments of the original 12th century frescoes have been uncovered on the alter wall of the cathedral. The figures are depicted in very dynamic, turning positions and a very realistic. A name "Peter" is scratched out over one of the fresco's figures. It is thought that it is the name of the architect who built the cathedral.

A seminary was established at the monastery in 1740 – it was one of Russia's first learning institutions. Now the building houses one of the departments of Novgorod State University named after Yaroslav the Wise.