The wooden Assumption Church was built in 1626, six years after the restoration of the Yellow Water Monastery by Abbot Abraham. It stood for 25 years and was replaced by a stone structure in 1651. The church appears light and festive, especially noticeable in its domes. The five-domed Holy Trinity Cathedral looks imposing and strict, with high drums topped with bulbous domes, decorated in a restrained manner. The Assumption Church also has five domes, but they are more elegant and even fragile. The narrow drums rest on kokoshniks, giving the building a decorative appearance.

The church stands on a high podklet. The refectory is a large two-story building. The first floor was used for household needs and rented out as a warehouse during fairs. The second floor housed a ceremonial hall with high vaults, and in the hidden rooms between the refectory and the church were stored the sacristy with valuables, royal decrees, and treasury.

The interior of the church does not exhibit the monumentality and stylistic unity found in the Trinity Cathedral. The wooden floor, painted brown, and the simple iconostasis give it a special modesty. Here are the relics of the Makaryev-Zheltovodsky Monastery, an icon of its founder, an ancient copy of the Vladimir Icon of the Blessed Virgin Mary, and several new icons with relics.

Restoration of the church was carried out in 1959. Initially, measurements were taken and drawings were made. Then, the vaults were cleared of dirt and remnants of the burned roof after the fire on September 30, 1945. Lost parts of the brickwork and roofing were restored. The work was completed with the roof and kokoshniks covered in galvanized iron. In 1990, restoration of the podklet began, windows were glazed, and the vaults of the northeastern room were plastered with preliminary crack filling. The work carried out by specialists from the Gorky Restoration Workshop helped preserve this outstanding historical and architectural monument, the Church of the Assumption of the Blessed Virgin Mary of the Trinity Makaryev-Zheltovodsky Monastery.