The monastery in honor of the icon of the Iberian Mother of God is one of the youngest in Russia. In 1908, the nuns of the Black Sea monastery came up with a petition for its foundation in Rostov-on-Don. During World War I, the monastery assumed the function of a shelter: there lived teenage girls from Poland captured by the Austro-German troops. After 1917, the hegumeness decided to re-register all the monastic buildings as a collective farm. She believed that this would save the monastery from destruction. However, it did not help. The monastery was devastated and all the valuables were handed over to the state. The hegumeness was expelled from the city.
The Iversky Convent revived only in 1991. Back then, divine services started to be held in the lower temple of Dimitry of Rostov. The upper church in honor of the icon, which had given a name to the monastery, and the bell tower were restored. Believers come here to worship the shrines – the copy of the icon of the Iberian Mother of God, consecrated on Mount Athos, and the reliquary with the relics of the saints of the Kiev Caves. Today it is the only functional convent in the Rostov diocese.