The Alexievsky Church was built as part of the Annunciation Monastery between 1821 and 1834. The original project of the church was developed by architect I.I. Mezhetsky, and later refined by architect A.L. Leer.

The church building, executed in the classical style, featured spacious interiors with four columned porticos located on the cardinal points, a high central dome with a cupola, and small side domes at the corners. The area in front of the church was enclosed by a stone wall with two corner towers. The consecration of the church took place in September 1834. In 1882-1883, thanks to the funds of well-known Nizhny Novgorod merchants and philanthropists, brothers Ivan and Mitrofan Rukavishnikov, two additional chapels were added to the Alexievsky Church. In these chapels were buried famous Nizhny Novgorod ascetics and enlighteners who rested in the Annunciation Monastery of Nizhny Novgorod. The graves were adorned with elegant gilded bronze fences, and white marble slabs with epitaphs were placed over the crypts.

In 1919, the Alexievsky Church, like the Annunciation Monastery itself, was closed and transferred to the 17th Rifle Division along with other monastic churches and buildings. In 1948, the church building housed a planetarium, for which the small domes were demolished, the central light drum was lowered, and the eastern part of the wall with towers and gates was destroyed.

The revival of the Alexievsky Church began in the early 21st century. In the autumn of 2004, a decision was made to restore it as part of the "Ilyinskaya Sloboda" program. After three years of restoration work, the Alexievsky Church was restored.