The church is located on the steep left bank of the river. This is at least the third church on this site. The first was built in the early 14th century and witnessed Prince Dovmont's victory over the German knights in 1299.

In 1309, the posadnik Boris erected a stone wall from the Peter and Paul church to the Flat ascent, the remnants of which are still visible today. A stone tower was added to the church. In 1373, the first church was dismantled and relocated.

In 1404, the Pskovites built a wall along the river, causing the church to be situated between two walls. The remains of the first wall were visible near the church, but in 1912 they disappeared under the foundation of a new house. Little is known about the second church, but in 1540, the chronicle mentions a stone Peter and Paul church, likely the third in the sequence. This is the modern Peter and Paul Cathedral. The name is associated with the cemetery, as 'buya' referred to burial places. The church became a cathedral in the early 18th century. By 1810, it had fallen into disrepair, leading to the dismantling of the warm chapel and bell tower, and the upper chapel was abolished. The church has been renovated multiple times.

In the early 18th century, when Peter I was preparing for war with Charles XII, he frequently visited Pskov and stayed nearby, attending services in the cathedral, where he read the apostle and sang.

The architecture of the church is traditional for Pskov: a single-domed, three-apsidal structure with a restored sixteen-slope roof, narthex, and porch. The Znamensky chapel from 1810 and the bell tower from 1540 have been lost. A cultural layer formed around the church, causing the square base to lower. All chapels and the square base were covered with eight-slope roofs topped with onion domes and crosses. The tiled frieze of the drum corresponded to the tiled coverings of the domes. Galleries adjoining the narthex were vaulted, as the upper chapel was located above part of the northern gallery.

In early 2005, the church was transferred to the Pskov Diocese, and restoration work began.