The Annunciation Cathedral is a two-story stone church with a bell tower, built in 1810 with funds from parishioners and donors. In 1812, at the request of the church builder, treasurer of the Bui district, Pyotr Mikhailovich Popov, Emperor Alexander I donated one thousand rubles for the interior arrangement of the cathedral. The cathedral is surrounded by a stone fence with iron grilles, and the cemetery is located half a verst away and is also enclosed by a stone fence.

Among the church's attractions are ancient icons of the Mother of God, such as Smolensk, Vladimir, and the Appearance of St. Sergius of Radonezh, made in the ancient Greek style with inscriptions on the back. All icons are adorned with silver-gilded covers and crowns. The church also houses an icon of St. Paraskeva-Pyatnitsa, revered not only by parishioners but also by local residents. There is a six-pointed silver cross with relics and a piece of the Holy Cross. Among the church utensils are silver-gilded covers for the Gospels and other items made by the renowned master Sazikov.

The Annunciation Church is the oldest architectural monument in the city of Bui and plays an important role in its historical center. In the late 1920s, the church was closed, and since 1934, it housed a bread factory. In 1999, Archpriest Arkady Klimov submitted a request for the transfer of the cathedral to the Kostroma Diocese. The transfer process was complicated and was completed only in 2004, when the cathedral came under the ownership of the Russian Orthodox Church. Restoration work began, as much had been destroyed and rebuilt. The bell tower was used as a water tower and lost one tier.

Over two years, unnecessary extensions were removed, and restoration began. The lost tier of the bell tower was restored, and a spire and cross were installed. Part of the wall where the bread factory ovens stood was recreated. In 2010, the cathedral celebrated its 200th anniversary, and by the end of the year, the first floor was fully restored. On December 12, it was consecrated by Archbishop Alexy.

The restoration of the upper church lasted six years, and the painting was done by Palekh artists. On August 12, 2016, Bishop Ferapont consecrated the upper church and held the first Divine Liturgy in concelebration with Archpriest Arkady Klimov and invited clergy.