The Church of the Ascension was built in 1532 on the orders of Grand Prince Vasily III in the village of Kolomenskoye on the steep bank of the Moscow River. This event was timed to coincide with the birth of the heir, the future Tsar Ivan IV the Terrible. It is believed that the architect may have been the Italian Petrok Malyy, who also constructed the walls of Kitai-gorod in Moscow.

The Church of the Ascension is recognized as a masterpiece of world architecture and is included in the UNESCO list. It is the first stone tent-shaped church in Russia. The building is made of large bricks and has a base in the shape of an equilateral cross, on which rises a tall tent with clear edges. Surrounding the church is a gallery, accessed by three high porches. On the eastern side of the gallery, a carved stone throne has been preserved. Kolomenskoye served as a royal residence, and the church was intended exclusively for the royal family, which is why its interior is small. In the 16th century, a separate bell tower was built, which became the belfry of the Ascension Church, later becoming the Church of St. George the Victorious. The bell tower was erected on the site of a wooden Church of St. George, built by Dmitry Donskoy. Its construction also began under Vasily III in honor of the birth of his second son, Yuri (baptized as George). In 1843, according to the design of architect E. D. Tyurin, the church was dismantled and rebuilt using decorative elements and proportions of the ancient building.

The Church of the Ascension in Kolomenskoye is also known for the discovery of one of the most revered icons of the Mother of God, the "Sovereign," in its basement in March 1917. Initially, the church was built as a summer church and is currently not heated. The found icon is kept in the nearby Kazan Church. The foundation of the church requires regular repairs, as it is located on the steep right bank of the Moscow River and is affected by wastewater.

During the Soviet era, the Church of the Ascension was closed and transferred to the Museum of Russian Architecture. It is currently part of the Kolomenskoye Museum-Reserve.