The solemn ceremony of laying the church in Balakovo took place on July 28, 1909. Construction began in 1910 and was completed in the autumn of 1912, when 17 bells were raised in October. According to local historians, the construction was overseen by engineer Antonov, working under the supervision of architect Fyodor Shekhtel. Throughout 1912 and 1913, Shekhtel worked on the exterior finishing of the church.

Architect Shekhtel chose a site for construction on the high bank of the Balakovka River so that the church would be visible from the Volga and would close the perspective of Ambar Square. During the flood season, steamers and cargo barges approached the Balakovo grain wharf adjacent to the square. The church became a dominant feature of the square and left favorable impressions of Balakovo on visitors.

After the building was handed over to the state authorities, the chairman of the city council, A. Karpukhin, sent an inquiry to Leningrad in 1930 regarding the value of the building. From a letter by the director of the Central State Archive of the Russian Federation, I. Grabar, it followed that the building was not a monument of architecture and was not protected by the state, but the icon painting represented special value as a monument of monumental art and was under the management of Glavscience.

In 1930, simultaneously with the destruction of all the churches in the city, the domes of the central volume and the bell tower of the Trinity Church were destroyed. The upper bell tower, apses, and altar barrier were dismantled. The famous bell was thrown from the second tier of the bell tower, shattering upon impact, and its fragments were collected by the police and taken away. An inspection report of the Belokrinitskaya church from 1930 stated that the building should be adapted for a city theater. Nothing is known about the fate of the valuable ancient Russian icons acquired by A. Maltsev. The theater was named after Chapayev, and the building was severely mutilated, with the altar turned into a stage box.

In 1989, the building was officially handed over to the Russian Orthodox Church, and active restoration of the church began under the guidance of Father Anatoly Shumov, who dedicated all his efforts to this cause. Many people participated in the restoration: the city administration, specialists and leaders of various organizations and enterprises, architects, builders, artists, and parishioners. The restoration process was complex and involved numerous problems. Each room, structure, and material required precise solutions.

In 1996, the tent with the dome and cross was restored, followed by the bell tower. An engineering survey of the load-bearing structures of the central tent revealed a rupture in the foundation tie of the drum. The weight of the tent with the inner dome was 220 tons, and further restoration was impossible without ensuring the necessary load-bearing capacity of the structures. D. Golubinov's project did not address this issue, so specialists V. A. Aridov and A. A. Zemlyansky were brought in to develop calculations and drawings to ensure the load-bearing capacity of the supporting ring of the drum. Proposals from Lilia Veselova's project were also taken into account.

Much work remains to be done before completion, including the execution of the iconostasis, the painting of the church according to the author's sketches, and the manufacture of furniture. However, it can already be said that the reconstruction is approaching the vision of the great architect Shekhtel. The church, like a phoenix, rises from the ashes.