Before the revolution, the city of Morshansk was one of the centers of Old Belief of the Belokrinitskaya hierarchy. After 1905, Old Believers were allowed to build new churches, and in 1913, with the blessing of Bishop Ioasaf of Kaluga, the construction of the church began. It was financed by Maria Ivanovna Smesova, the wife of the wealthy Morshansk merchant A. A. Smesov.

On November 29, 1914, the church was consecrated by Bishop Konon of Moscow. A luxurious four-tiered gilded iconostasis was installed in the church, and the Old Believers donated valuable icons and liturgical books from the 17th-18th centuries.

After the October Revolution of 1917, the Old Believers of Morshansk faced persecution. In 1924, a unique collection of icons was confiscated from the church and transferred to the local history museum. In 1929, the church was closed, claiming that there were enough other churches in the city. Some of the church treasures were handed over to local museums, while some were lost. In the 1930s, the building was used as a storage facility for the museum.

In the 1960s, the church was converted into a grocery store, and shoppers entered directly into the altar. From 1988, the Department of Culture and the city museum repeatedly requested to close the store and transfer the building to cultural use. On December 12, 1990, the building was transferred to the Department of Culture.

From 1991 to 1996, renovation work was carried out. In the late 1990s, the Old Believers began to seek the return of the church. In 2001, they registered a local community and received permission to use the church. However, soon the church was taken away again, citing the proximity of residential buildings. The return of the church was delayed for 13 years.

On January 15, 2013, Metropolitan Korniliy of Moscow and All Russia met with the Governor of Tambov Oblast Oleg Betin. On August 17, 2014, Metropolitan Korniliy Titov consecrated the Assumption Church. The ceremony was attended by the church's rector Priest Nikolai Bobkov, protodeacons Alexiy Mikheev, Artemon Shendrigailov, Priest Alexander Maslov, protodeacon Viktor Saveliev, deacon Vladimir Kondratov, six readers, and three clergymen. After the consecration, the Old Believers of Morshansk held a procession through the streets of the city and an archpriest liturgy.