On February 19, 2005, by the blessing of His Holiness Patriarch Alexy II of Moscow and all Rus, a church was consecrated in the name of the Valaam Icon of the Mother of God on Valaam. The day before, an All-Night Vigil was held in the lower church of the Transfiguration Cathedral, where a revered copy of the miraculous Valaam Icon is kept. Benefactors of the monastery attended the consecration, including Sergey Yuryevich Rudov, President of the Open Joint Stock Company "Vexelny Dom of the Fuel and Energy Complex", whose efforts and support helped restore and adorn the church. Also present was Alexander Ivanovich Kotelkin, founder of the Non-Profit Fund "Connection of Generations", among others. After the Divine Liturgy, which followed the consecration, the abbot of the monastery, Archimandrite Pankratiy, expressed gratitude to Sergey Yuryevich Rudov for his contribution to the restoration of the church.

The wall paintings in the church were completed in 2004 by artists from the icon-painting school of the Moscow Theological Seminary, based on the works of Dionysius. On the northern wall of the church is the composition "Rejoice in You", while the sails of the church feature images of the most revered icons of the Mother of God, and among the saints in one of the paintings is depicted the venerable Nazarius Kondratiev.

Abbot Nazarius was the builder of the first stone structures of the Valaam monastery, including the church consecrated on August 4, 1793, in the name of Saint Nicholas. In 1853, the Nicholas church, located in the southern part of the inner courtyard, was abolished due to the construction and consecration of a church on Cross Island in the name of Saint Nicholas the Wonderworker. In the abolished church, a sacristy was arranged for storing church utensils and icons. In 1897, among the icons, the Valaam Icon of the Mother of God was miraculously found, from which a woman suffering from a severe leg illness was healed. The appearance of the Mother of God confirmed her special protection over Valaam and her presence on the island. The words "There I live. You will see me in Valaam," spoken in a vision to the sick woman, are a revelation of the Mother of God about Valaam.

In 1911, an episcopal antiquities repository was opened in the premises of the abolished church. In the 1970s, the premises were used as a shop and warehouse. From 1990 to 2000, the former church housed the monastery's sacristy. In 1997, by the decree of His Holiness Patriarch Alexy II of Moscow and all Rus, the celebration of the icon of the Mother of God "Valaam" was established. The restoration of the church began in 2001, by the blessing of His Holiness. On July 10, 2002, during a visit to the monastery, His Holiness Patriarch Alexy II performed the rite of minor consecration of the church. Currently, the decoration and painting works of the church are completed: a carved gilded iconostasis, kiosks with images, and carved stasidia have been installed. At the request of the benefactor, an exact copy of the miraculous icon of the Mother of God Valaam, located in Finland at the New Valaam Monastery, was created and is now placed in the first church in Russia dedicated to this image of the Mother of God.