The church was built between 1696 and 1703 with funds from a prosperous parishioner, I. F. Protod'yakonov, and fully corresponds to the local architectural style of the second half of the 17th century. It is a pillarless, cubic building that originally had five domes, with a low altar divided into three apses, and low closed porches on three sides, of which the southern one was dismantled. A feature of the temple is the higher and wider western porch with an original entrance, which unfortunately has not survived. The previous five-domed structure of the church has also been lost. From 1772 to 1781, after a fire, it was replaced by a typical small light octagon with a miniature dome on a thin neck, installed on a new ceiling with an eight-section closed vault and trompes in the corners.

The temple of the venerable Anthony and Theodosius of the Caves in Veliky Ustyug is an architectural monument built in 1703. It served as the summer church for the parish of the Church of George the Victorious, which is located across the road. During the Soviet era, the building was used as industrial warehouses. Currently, at the initiative of the parish of the Church of George, restoration work is being carried out in the church, and regular services are held.

On October 28, 2016, a cross was installed on the dome of the Church of Anthony and Theodosius of the Caves. The consecration of the cross was conducted by the secretary of the diocesan administration of the Veliky Ustyug diocese, protodeacon Vadim Tyazhenkov. He was assisted by the rector of the Church of the Great Martyr George the Victorious, priest Feodor Fomin, the rector of the Church of the Vladimir Icon of the Mother of God in the village of Bobrovnikovo, priest Dmitry Ryzhkov, and the rector of the Church of St. Simeon Stylites, priest Ilya Fomin.