It was raised up on a nuns’ hermitage in 1678. Mihail Hancu built it in honor of one of his daughters who accepted monasticism under the name of Parascheva. The hermitage had the name of Viadica until the 17th century. Hancu was the first monastic settlement of Basarabia where the community life was introduced approximately in 1820-1822.
At the end of the 19th century the monastery was known under the name of Hancul-Parascheva. The lands, the fortune and the buildings of the monastery were nationalized in 1944, but in 1965 the monastery had been closed and the monks were chased away.
In 1978 the monastic ensemble was distributed to the Institute of Medicine from Chisinau that set working as a sanatorium for people suffering from tuberculosis. Hancu Monastery was re-established as a place for monks in 1990. On the 10th of September, 1992, the reconstruction of the monastery was started. In 1993 the reparation of Holy Virgin Dormition winter church had been finished. Saint Pious Parascheva summer church was erected in 1835 and repaired not earlier than 1996. Today the monastery is a home for a vibrant community of nuns.