The 19th-century historian A.P. Sindeiev believed that the church in honor of St. Nicholas the Wonderworker was built simultaneously with the Cathedral of the Epiphany in the year the Oskol fortress was founded in 1593. In the Small Ostryog, later known as Lower Square, to the southwest of the Cathedral, there was a wooden church in honor of St. Nicholas with an altar dedicated to the martyr Paraskeva, nicknamed Friday. The church's land was located across the Oskol River towards the Chufichev Forest, while the land of the deacon, sacristan, and prosphora baker was shared with the parish priests.

Archives report that in 1616 the city was burned by "thieving Cossacks," and the St. Nicholas Church also suffered. The Cossacks, Ukrainian Cossacks, captured the two sons of the senior priest Kondratiy, Kuzma and Ivan. After this, the church was rebuilt outside the fortress, opposite the western gates, approximately where the current October cinema is located.

A.P. Nikulov suggests that during the fire in Oskol in 1628, the church was not damaged, as it is mentioned in the revenue books.

In 1802, a new two-story brick Kazan-Nicholas church was built at a new location in the city center, on a hill (where the stadium of school No. 5 is now located). The land for construction was donated by merchant Nikolai Deev. In 1830, it was planned to erect a separate bell tower of significant height, like that of the Epiphany Cathedral. The fire of 1848 severely damaged the bell tower and the church building. In the summer of 1862, a new fire caused serious damage to the Kazan-Nicholas church, especially its upper floor. In 1863, the lower floor was restored, and on December 17, 1865, a complete reconstruction of the church began. By 1867, the church was connected to the bell tower, significantly expanding the building.

The Kazan-Nicholas church stood out among other city churches with its "internal treasures," including a silver gilded reliquary with two crosses.

With the advent of Soviet power in the mid-1930s, the destruction of cultural and historical monuments began. In Stary Oskol, this was accompanied by noise and dust, replacing the silence and tranquility. Churches were destroyed, bells were thrown down, and the population was shocked. Hundreds of crying people gathered at the demolishing churches, but this did not help preserve the beauty and pride of the city.

The destruction of the Kazan-Nicholas church was completed in the early 1940s. For a long time, a pile of bricks and debris remained in its place. In 1948, a residential building for workers of the vegetable drying plant was built here, but it was dismantled due to ground subsidence. Today, a sports ground of the city secondary school No. 5 is located on this site.