Until 1692, the Annunciation Church was wooden. It is mentioned in the land registry book of 1625 with an altar dedicated to St. Basil the Blessed. In 1687, the church had only one altar in the name of the Annunciation of the Blessed Virgin Mary. Documents from the 17th century show that the parishioners were mainly townspeople, state blacksmiths, and so-called beggars from almshouses. The stone building of the church was constructed in 1692 at the initiative of the priest of the old wooden Annunciation Church, Theophilact Fedorov. In the narthex, a white limestone slab measuring 119×69 cm has been preserved, with an inscription about the time of the church's construction, its builder, hieromonk Theodosius, and Theodosius's will.

The church had an altar dedicated to St. Leontius of Rostov, which was originally located inside the temple. In 1760, it was moved to the right side of the refectory, which was expanded for this purpose. In 1790, the wooden roof was replaced with an iron one, and the altar windows were enlarged. In 1804, other windows were also enlarged, changing the church's appearance.

In 1858, the refectory was expanded with an asymmetrical annex on the southern side, and at the request of the parishioners, a new altar in honor of the Iveron Icon of the Mother of God was established instead of the former Leontius altar. This icon became particularly venerated from 1850 when a fire threatening the church was stopped after the icon was brought to the fire site. Merchant I. S. Lomov donated a silver robe for the icon in memory of this event. The altar of St. Leontius of Rostov was moved to the left side of the refectory. In 1862, the church had more than four poods of 84th-grade silver in icons and utensils, excluding the Gospels.

The almshouse associated with the church is mentioned in 1785, and the church-parish school began operating in 1891. The street where the church stood was called Annunciation Street, but in 1922 it was renamed Soviet Lane, and in 1995 it was returned to its historical name.

The church was closed in 1932, and for a long time, its building housed a grocery warehouse. In 1960, the building was recognized as a monument of history and culture and placed under protection. Restoration was carried out in the 1970s by craftsmen from Tula and Moscow. Architectural details were corrected, and the cellar, which had previously been used for economic purposes, was inspected.

In 1990, the church was returned to the believers. The restoration was undertaken by Archpriest Lev Makhno, appointed rector in June 1990. The roof was completely replaced, the domes and bell tower were covered with copper, and cracks in the walls were sealed. All work was financed by the parishioners.

On October 26, 1990, Archbishop Alexy consecrated the right altar in honor of the Iveron Icon of the Mother of God. The iconostasis for the altar was made by carver Alexey Pyatin, and the icons were painted by Igor Borisovich Shchelokov. In March 1991, seven bells were raised to the bell tower, the oldest of which was cast in 1771, and the newest in 1870. On April 7, 1992, on the feast of the Annunciation, the main altar of the church was consecrated. On February 8, 1995, the lower baptismal temple with an altar in the name of the icon of the Mother of God "Relieve My Sorrows" was opened. Later, a clock was installed on the bell tower.

Currently, an elementary school of the Tula Orthodox Classical Gymnasium operates at the church.