The church was laid by Archbishop Ambrose of Ivanovo-Voznesensk and Kineshma on May 9, 2005, on the 60th anniversary of Victory in the Great Patriotic War. Previously, this site was home to Georgievskaya Street in the city of Ivanovo-Voznesensk, where there was a chapel consecrated in honor of St. George the Victorious, which was later destroyed. The church serves as a memorial to all fallen soldiers and is part of a memorial complex dedicated to the Victory in the Great Patriotic War.

Until 1950, the square was called Lesnaya, after which it was renamed in honor of the revolutionary Mikhail Bagaev. In May 1985, a monument was erected here to commemorate the 40th anniversary of Victory in the Great Patriotic War, and the square was named '40th Anniversary of Victory Square.' The memorial stele was built in three weeks from ceramic bricks. It was planned to replace it with a more substantial monument, but due to the installation of the Monument to the Heroes of the Front and Rear on Friedrich Engels Avenue, the reconstruction of the monument in Victory Square was postponed indefinitely.

In 2007, construction of the church in honor of St. George the Victorious began near the monument, and it was completed in 2012. On June 27, 2012, the Ivanovo City Duma decided to rename the square to 'Victory Square.' It was also decided to relocate the existing monument, erect a new monument, and improve the square.

On November 4, 2012, the sculpture of St. George the Victorious was unveiled.