The construction of the church began in the summer of 1881. To oversee the work, church elder Nikolai Tyumenyev invited experienced provincial architect Ioasaf Yarovitsky. In the winter of 1882, after the construction season ended, the architect proposed to the construction department to approve a new project with minor changes. He believed that the second entrance on the west side was unnecessary due to the presence of graves there, and also suggested reducing the windows and lowering the vaults to retain heat, while maintaining the overall height of the walls. The western facade was altered, and instead of a stone parapet, a wrought iron one was proposed. Yarovitsky also noted that the walls of the old church turned out to be more massive than expected, and their extension was not required. Provincial specialists agreed to the changes, as they did not affect the facade of the building, and approved the project for further construction.

The consecration of the rebuilt George Church at the city cemetery became a significant event for the city. On December 14, 1885, Archbishop Jonahfan Rudnev of Yaroslavl and Rostov arrived in Rybinsk, invited by church elder Tyumenyev. The next day, on December 15, a solemn consecration of the church in honor of the Annunciation of the Most Holy Theotokos and St. George the Victorious took place. After the consecration, a Divine Liturgy was held, during which Archbishop Jonahfan was assisted by other high-ranking clergy. Archpriest Joseph Shiryayev delivered a festive speech. The report from the Yaroslavl diocesan publications noted that the church had been significantly expanded and renovated, while preserving the ancient family icons from the Tyumenyev home.

The building of the former church was used as a dormitory and storage for railway workers, and in 1949 it was transferred to the branch of the State Archive of the Yaroslavl Region. The archive occupied the building until 1983, when it moved to the former city cathedral.

On May 16, 1991, the vacant building was handed over to the church community of the Ascension-St. George parish, which began its repair and restoration. In the following years, significant restoration work was carried out: windows were replaced, walls were repaired and painted, and interiors were restored. Restorers uncovered and restored the oil painting of the church with decorative finishes from the 19th century, and installed a new four-tiered iconostasis in the traditions of ancient Russian art. The revived George Church was consecrated on June 8, 2002, by Archbishop Mikhail of Yaroslavl and Rostov. Since then, daily services have been held in the church, and it is open to parishioners.