The Church of the Assumption of the Blessed Virgin Mary on Torg is located in the northern part of Yaroslav's Court in Veliky Novgorod, at the intersection of Bolshaya Moskovskaya and Ilina Streets. Nearby is the Church of Paraskeva-Pyatnitsa.

The first church with this name was built here in 1133. It is believed that its construction was initiated by the Novgorod veche, gaining political power, and was related to a recent solar eclipse. According to the Novgorod I Chronicle, several wooden churches were erected that year, including the Church of the Virgin and St. George, under Prince Vsevolod. This is the first known mention of church construction by the decision of the veche. Two years later, in 1135, the wooden church was demolished, and the construction of a new stone church began. The chronicle notes that it was laid by Prince Vsevolod Mstislavich and Archbishop Niphont.

By 1144, the church was completed under another prince. At that time, it was located in a busy area, with Ilina Street starting opposite it, one of the main streets of the right bank part of the city. During the independence of Novgorod, the church housed a warehouse for merchant goods, in addition to the temple premises. In the 13th-15th centuries, chronicles often mention fires and robberies in Novgorod. In 1385, the church suffered from a major fire, resulting in the loss of many goods and lives. Likely, during the heyday of Novgorod trade, the church acquired the popular nickname "On Goat's Beard," related to livestock trade.

In 1409, chapels dedicated to Saints Alexius and Catherine were added to the church. In 1458, the church was rebuilt on its old foundation, and it was consecrated by the new Archbishop Jonah. The church also underwent reconstructions after fires in 1541, 1606, and 1745, and largely serves as a monument of the 18th century, although it is designed in the style of the 12th century.

In the 18th century, due to the city's redesign in the European style, Ilina Street, which previously began at the Assumption Church, was rerouted, and the church ended up facing Moscow Street, surrounded by new trading shops. In the 1830s, a three-tiered bell tower was built next to the church, and the main dome was redesigned to be two-tiered.

During the fascist occupation of the left bank part of the city, the church was located opposite the occupied Detinets but suffered relatively little, losing only its roof and cupola. In the 1950s, it was decided to restore the church in medieval forms, dismantling the later side chapels and bell tower, which were used as building materials. At that time, the destroyed trading rows from the war were also dismantled, and a garden was planted on the site of the former Torg, changing the perception of the church in the Torg ensemble. During the Soviet era, the church housed a warehouse for some time.