The Church of the Assumption in Polonishche was built in 1810 at the initiative and expense of the Pskov landowner Anna Lukinichna Shishkova, the grandmother of the Decembrist Mikhail Alexandrovich Nazimov. Before this, an old Church of the Assumption of the Virgin Mary stood on its site, belonging to the women's monastery of the Assumption of the Virgin Mary in Polonishche, which was first mentioned in 1417.

After the closure of the monastery in 1764, the Assumption church remained, but by the beginning of the 19th century, it had deteriorated significantly and was slated for demolition. At that time, landowner Shishkova appealed to the Synod with a request to preserve and restore the shrine at her own expense. Restoration work began in 1809. The church was rebuilt with two altars in honor of the Sign of the Blessed Virgin Mary and the Unmade Image. The consecration took place in 1811.

Mikhail Alexandrovich Nazimov, upon returning to Pskov after his exile and service in the Caucasus, often visited the Assumption church and donated funds for its improvement.

Architecturally, the church is a square structure with rounded corners, situated on an elevation. The church is adorned with porticos featuring four Doric columns under a triangular pediment. Above the main volume rises a wide light drum with twelve windows and intricate glazing, topped with a massive tin dome. The composition is completed by a small blind drum with a dome bearing an apple and a cross. To the south of the church stands an 18-meter three-tiered bell tower with a spire. It once housed 8 bells, one of which was made during the reign of Tsar Ivan the Terrible, and another during the reign of Mikhail Fyodorovich Romanov.

In 1936, the church was closed. From the mid-20th century, it housed the funds of the State Archive of the Pskov Region, and in 1985, the building was transferred to the Pskov Department of Culture, which implemented a project to convert the church into a Youth Political Theater.

The interiors of the church were lost during the Soviet era. A 19th-century fresco has survived on the light drum. Of all the church buildings, only the stone rectory, built in 1909, has survived to this day, where the church shop is now located.

In 1991, the Church of the Assumption of the Virgin Mary in Polonishche was returned to the church community. Restoration of the iconostases began immediately, and the first church service was held. The church is currently operational and is a monument of local architectural significance, under state protection.