Built between 1596 and 1600 by Diego Caballero and his wife Inés de Velasco, daughter of the conquistador Francisco de Orduña.

The architect in charge of the construction of the convent was Alonso Martínez López.

The convent complex consisted of the church and three two-level cloisters.

Its doors, carved with images from the life of the saint, are of great artistic value, and the confessionals from which the nuns confessed while remaining on the street are still preserved.

In the 18th century, the temple and convent had to be repaired due to the constant floods that the city suffered and the damage caused by a nearby carriage workshop. As a result, the cloister and façade were reconstructed in the Neoclassical style.

With the Reform Laws and the political changes of the second half of the 19th century, the convent was divided and sold to individuals, and the cloisters were converted into apartments.

After the 1985 earthquake and the archaeological explorations carried out in the area, corridors and stairs dating from the 17th century were uncovered, as well as some original tiles and columns that were used in the restoration project, which was completed in 1988.

El edificio histórico se utilizó para albergar el museo que exhibe el trabajo del célebre artista José Luis Cuevas, uno de los mejores exponentes del arte contemporáneo en México. Cuenta con un acervo de más de 1,860 obras de arte de diversos artistas en su mayoría latinoamericanos.

Many of the remains found in the courtyard are located beneath "La Giganta," an 8-ton bronze sculpture that characterizes the museum.

The museum also features rooms for temporary exhibitions.

Inside the museum is the Octavio Paz Library and Documentation Center.