A warm two-altar church dedicated to the Ascension of the Lord, with an altar in honor of the Theodorovskaya Icon of the Mother of God, was built with the funds of the nobleman Ivan Vasilyevich Borisov. He suffered from a serious eye disease, but, as legend has it, he was completely healed after praying before the image of the Theodorovskaya Mother of God located in the monastery. In gratitude, Borisov promised to build a stone church instead of the wooden one and fulfilled his promise in 1740, despite Peter I's existing ban on the construction of stone buildings outside of St. Petersburg. Later, Borisov took monastic vows.

The church, including the altar and porch, measured 10.5 by 6 fathoms. In 1796, a four-tiered wooden iconostasis was installed. In 1811, significant repairs were carried out in the altar, and in 1812, in the main church, where windows were enlarged, floors were replaced, and stone vaults were changed to vaulted ceilings. Both times, the altars were re-consecrated by Archimandrite Eustathius of the Pokrovsky Monastery. In 1825, the church was painted by the serf artist Nikifor Andreevich Reznikov, although according to other sources, this occurred as early as 1796. In 1839, the church was covered with iron, and the iconostasis was partially gilded. In 1849, the iconostasis was replaced with a new, fully gilded one, and the paintings inside and outside were plastered over.

In 1853, a new church of the Ascension of the Lord was consecrated, and the altar of the church was renamed in honor of the Theodorovskaya Icon of the Mother of God, while the altar in the chapel was renamed in honor of Archangel Michael. Today, the Theodorovskaya Church is considered the oldest building in Syzran.