The building was erected between 1814 and 1838 as a summer residence funded by Prince G. A. Gruzinsky. The bell tower is located above one of the trading buildings surrounding the church, designed in the shape of the letter 'G'.

The church, with five domes, is an excellent example of classical style. This brick structure features four pillars and side porticos adorned with four Doric columns.

In 1933, the church was closed and used as a warehouse and water tower. Restoration work began in the 1980s.

In 2008, funds were allocated from the federal budget of Russia for the restoration of the Ascension Cathedral in Lyskov, Nizhny Novgorod region. Repairs were needed for the roof, facade, stairs, and ceilings, as well as complete interior finishing.

On June 9, 2016, on the Feast of the Ascension, Bishop Siluan of Lyskov and Lukoyanov conducted the first Divine Liturgy in the restoring Ascension Cathedral in Lyskov.

Prior to this service, worship was held in the Church of Saint George the Victorious, located on the cathedral grounds.

Along with the ruling hierarch, the service was attended by the secretary of the Lyskov Diocese, Archpriest Andrei Samsonov, the key keeper of the Ascension Cathedral and the dean of the Lyskov district, Archpriest Georgy Zhuchkov, as well as clerics Priest Alexander Nasedkin and Priest Mikhail Shvetsov.