In the collection of manuscripts of Archbishop Samuel Mislavsky, there was a "Tale of the Construction of the Ascension Wooden Church" from the 16th century. It tells that during Ivan the Terrible, Yaroslavl was known as a trading center. Merchants from northern countries came to the city to sell their goods and purchase local ones. Many foreigners settled in Yaroslavl, living in peace with the locals and building warehouses. German merchants, with the support of Yaroslavl merchant Luka Durandina, approached the Rostov Archbishop David with a request to allow them to build a church according to their customs. The archbishop permitted the construction of a church in the Kondakovo settlement, near the Kotorosl River. There lived a Greek Orthodox man named Vasily Kondaki, who, upon learning of the construction plans, decided to erect a wooden Orthodox church in honor of the Ascension of the Lord on that site.

Having received the blessing of the Rostov bishop Euphemia, Vasily prepared everything necessary for the construction and laid the church's foundation in 1584, completing it the following year. It was decorated and equipped with everything needed. Later, a warm church of the Meeting of the Lord was built nearby. The wooden churches burned several times. Documents of the Ascension Church record that in 1667, two wooden churches burned down. At the end of August that year, Priest Peter and the parishioners asked Metropolitan Jonah for permission to build a new wooden Meeting Church. Permission was granted in September 1668. In 1677, the priest requested to build a stone Ascension Church, and five years later it was consecrated. In 1706, a chapel in the name of Zosima and Savvatiy of Solovki was consecrated in the summer church. The second chapel was arranged in 1810 with funds from merchant A. F. Krasilnikova. In 1736, the cold church was painted by a local artel. The stone warm church of the Meeting of the Lord was built with the blessing of Metropolitan Jonah and consecrated in 1691. It stood for about a hundred years and was rebuilt in 1785. The benefactor of the construction was factory owner Grigory Fedorovich Gurev. The final arrangement of the warm church was completed by his daughter Alexandra. In 1825, the painting of the church was renewed by V. V. Sarafanov. In 1850, a chapel of St. Nicholas the Wonderworker was arranged in the warm church. In 1867, the church was partially remodeled, adding a porch. A four-tiered bell tower was built in 1745 with Gurev's funds. In 1802 and 1848, new bells were cast. According to the reconstruction plan of Yaroslavl, a trading square was to be arranged near the church, but this idea was abandoned.

In the 19th century, there was a Hay Market Square near the church, where trading took place. The Ascension parish honored the icons of the Vladimir Mother of God and St. Nicholas the Wonderworker. The image of the Vladimir Mother of God was inherited by merchant Kuvshinov. Despite his respect for the icon, he pawned it several times in a tavern. After the third redemption, the icon miraculously moved to the house of the tax collectors, where it became famous for miracles. In 1850, the icon was transferred to the church. The icon of St. Nicholas the Wonderworker was found by factory owner Gurev in his stable after a vision. After that, he was healed from illness. The icon was kept in Gurev's house and then transferred to the church. Another revered icon, of Zosima and Savvatiy of Solovki, was donated by merchant Kalmykov. The parish celebrated the feast of the icon of the Mother of God, the Burning Bush, annually on September 4.