The Church of the Exaltation of the Holy Cross is often referred to as the Nikolaevskaya Church, as it was originally two separate churches that were later merged into one parish. The first Nikolaevskaya Church in Izium was built between 1704 and 1709. The wooden building was located in the area of modern Pervomaiska Street. The Church of the Exaltation was erected ten years later on present-day Kharkiv Street. Over time, the wooden structures deteriorated, often requiring reconstruction and updates due to fires and wear. In the early 19th century, when the question of building churches arose again, it was decided to merge the parishes and construct a single stone church of the Exaltation of the Holy Cross with an altar in honor of Saint Nicholas.

The new church was built on the picturesque bank of the Siversky Donets. The cross-shaped single-domed church in the style of classicism harmoniously blended into the surrounding landscape. The project was developed by the Kharkiv provincial architect P.A. Yaroslavsky, and all work was completed by 1821. In the same year, three altars were consecrated in the church: the main one in the name of the Exaltation of the Life-Giving Cross of the Lord, the right one in honor of Saint Nicholas and Saint Simeon the God-Receiver, and the left one in the name of the martyr Eudocia and the great martyr healer Panteleimon.

The original appearance of the temple has not been preserved, as the building has been repeatedly reconstructed. In the mid-19th century, it was expanded by adding side altars. After the revolution, the church fell into disrepair: broken windows, a leaking roof, and temperature fluctuations destroyed the architectural monument. During the Great Patriotic War, the church was bombed, and 40 years later, an unexploded shell was discovered under its foundation. In the post-war years, the building housed a vegetable storage facility, and later a furniture store warehouse.

To preserve the church, the residents of Izium proposed to the authorities to establish a museum of folk art in it, which allowed for funding for restoration. In 1987, restoration work began on the church. Special interest was aroused by the frescoes, damaged by time and dampness. Expertise showed that the paintings date back to the 19th century and were created by masters of the V.M. Vasnetsov school. Thanks to the efforts of specialists and donations from parishioners, the domes of the revived church once again shone over the Siversky Donets. On December 19, 1990, the first service was held in the Church of the Exaltation after many years of neglect.

Today, the restoration of the frescoes continues in the church. Some specialists believe that the image of the Archangel Gabriel belongs to the brush of Viktor Vasnetsov. The church also houses a copy of the miraculous Sand icon of the Mother of God, the original of which is located in the Holy Ascension Cathedral of Izium.