In the 16th-17th centuries, a Christmas women's monastery was located on this site, which was closed in 1764. The first mention of a wooden tent church appears in the hundredth charter of 1620. It was built by priest Alexei, also known as List. The land registry book of 1674-1676 mentions an unblessed stone temple of the monastery. The first patron and guardian of this church, erected on monastery land, was the protodeacon of the Moscow Assumption Cathedral, Kondrat Ilyin.

After the church was closed in 1937, its building housed warehouses of the Balakhna city trade, which were relocated in the fall of 1988. The revival began in 1989 when services resumed and restoration and improvement works on the church started.

The church is a cathedral, and its rectors head the Balakhna deanery. A Sunday school operates here, where children from the Holy Trinity Church parish also study. Since August 2010, a newspaper called "Orthodox Herald" has been published monthly.

The church has five domes and is shaped like a large cube. Initially, the domes were covered with shiny green tiles, but it was not possible to preserve them during restoration. Four domes of the main building are covered with copper, while the central one and those on the chapels are covered with roofing iron.

Two chapels, also shaped like simple cubes, are attached to the side of the main volume of the church.

In the semicircular recesses above the arches, frescoes depicting the twelve great feasts have been preserved, and the floor in the sanctuary and central altar is laid with smooth multicolored tiles. In the main part of the church, cast iron floor slabs from the 18th century have been preserved.

The bell tower, built together with the church in the mid-17th century, was dismantled in 1931. A new bell tower was erected in 2011.