By the mid-18th century, Irkutsk had become such a prosperous city that it could compete with Tobolsk for the title of the capital of Siberia. The city even developed its own architectural school, which advanced one of the directions of Siberian baroque. The highest achievement of this school was the Church of the Exaltation of the Holy Cross in Irkutsk. The city chronicle indicates that construction began in May 1747, and the clerical records report that the church was consecrated on September 11, 1758.

Academician I.E. Grabar, a historian of Russian architecture, noted that the decoration of the church impresses with its virtuosity, despite limited resources. The craftsmen, working with brick to create columns and cornices, achieved an effect where the brick patterns resembled rich fabrics and carpets. According to Grabar, the walls of the Church of the Exaltation of the Holy Cross represent a "carpet" in which elements from Moscow and Ukraine intertwine with Eastern motifs.

In 1779, a warm chapel in honor of the Holy Virgin's source was built on the northern side of the church. It mimicked the main volumes and had a tiered finish. The final appearance of the church was acquired in 1860 when, according to the design of architect V.A. Kudel'sky, a stone porch with a pediment, semi-columns, and large windows was added to the western wall of the bell tower.

Once located on the outskirts, the Church of the Exaltation of the Holy Cross now stands in the center of Irkutsk, at a bustling intersection. Academician Grabar noted the remarkable vitality of the decoration tradition in this church.

Interest in the church emerged as early as the 19th century. In 1887, the Imperial Archaeological Commission included it in the Collection of Monuments of Domestic Antiquity, and Archpriest G. Mozharov compiled a metric for the church as a monument of architecture. The stone lace adorning the walls of the temple is particularly impressive.

Art historian G.K. Lukomsky admired the lace pattern that covers the cornices, columns, and windows of the church, emphasizing its baroque domes. In his opinion, only the churches of Solikamsk and Solvychegodsk can compare with this temple in terms of richness of imagination and elegance of details.

The decoration of the Church of the Exaltation of the Holy Cross features Mongolian motifs, giving it an "Eastern flavor." The church became a model for imitation, and its motifs can be seen in other churches in Irkutsk and the Cathedral of the Embassy of the Spaso-Preobrazhensky Monastery on Baikal.

After 1917, the church served as a cathedral in 1929, 1936, 1948, and 1991. In 1936, services ceased, and the bells were removed from the bell tower, the oldest of which was cast in 1753.