This church in Yaroslavl was the first built not by a prince, not by a sovereign, and not by a monastery, but with the funds of Epiphanius Sveteshnikov, one of the richest merchants of that time. It was the first stone church in the urban settlement, erected after the Time of Troubles. The church was named not only after a saint but also after an ordinary man, and its white walls became a symbol of Yaroslavl, distinguishing it from Moscow churches. The interior decoration of the church has been preserved since the 17th century, when its parishioner was Fyodor Grigorievich Volkov, the founder of Russian theater. He created a sketch of the iconostasis for the church, which remains unique for Yaroslavl.

The Church of Nicholas the Wonderworker, known as Nikola Nadein, was built on the site of a wooden church that burned down in 1536. In 1620, Epiphanius Sveteshnikov began the construction of the stone church. Sveteshnikov was an extraordinary person, who became wealthy from trade and helped the militia of Minin and Pozharsky. His life ended tragically: he was beaten to death over debts. He is buried in the church he built himself.

The church was consecrated in honor of Nicholas the Wonderworker, and according to legend, during its construction, an icon of Nicholas the Miracle Worker was found in the Volga. For the construction, Sveteshnikov invited Moscow craftsmen, and the church was erected in two years. It became the pride of the city, decorated with red jasper and painted by masters under the guidance of Lyubim Agayev. In the 19th century, the frescoes were restored by Palekh icon painters.

Initially, the church had a square base with five domes and a gallery with a Yaroslavl porch. At the end of the 17th century, it was rebuilt, adding a bell tower and an altar dedicated to Alexander of Svir. In the 18th century, the roof was replaced with iron, changing the church's appearance. The interior decoration was enriched with a Baroque iconostasis, presumably created by Volkov.

In 1823, a wooden chapel appeared, later replaced by a stone one. In 1836, the church was adorned with German clocks. In 1918, the church suffered little during the uprising and became a refuge for the homeless. In 1929, it was placed under state protection, avoiding the fate of a warehouse. During the Great Patriotic War, it stored medicines and vegetables. In 1959, the church became part of the Yaroslavl Museum-Reserve, and ten years later, it was opened as a museum-church.

In the Soviet years, the church suffered from construction that obscured it from view. However, its value as a Christian, historical, and architectural monument remains undeniable.