The church is first mentioned in the patriarchal records of 1654. There is no information about whether a temple existed here before that time. In 1713, a new wooden church was built on the site of the Borisoglebsk church in honor of the Ascension of the Lord, with an altar dedicated to the Holy Martyrs Boris and Gleb. Its construction was led by Hieromonk Ilarion Remezov, an elder of the Trinity-Sergius Monastery, and the consecration was performed by Archimandrite Georgy from the same monastery. In 1810, the construction of a stone church began, which lasted for 18 years, and it was consecrated in 1828. In 1848, the warm refectory was expanded, and since then the church has remained unchanged. It has three altars: in the cold church in honor of the Ascension of the Lord, and in the warm altars, the Dormition of the Mother of God and the Holy Blessed Princes Boris and Gleb. The church was well supplied with utensils, vestments, icons, and liturgical books. Special attention was drawn to the local icon of the Dormition of the Mother of God in a silver-gilded robe with an inscription indicating its connection to the Kiev-Pechersk Lavra. In the recess of the icon were relics of saints, such as Saint Niphont, Bishop of Novgorod, Saint Nicholas the Wonderworker, Prince of Chernigov, Saint Gregory the Miracle Worker, Martyr Eustratius, and the Venerable Theodor and Basil.

In 2007, the church was renovated: the facades were restored, the construction of the bell tower was completed, and the main volume was covered. However, much work remains to be done, as the porticos have been lost, and the colonnades of the southern and northern facades of the square are in a ruined state.