In the mid-17th century, during the restoration of Karachev after the Polish devastation in the Time of Troubles, a new wooden church was built in the settlement, behind the ancient landslide. It was dedicated to St. Nicholas, who is especially venerated in Russia, with an altar for St. John the Warrior. Historical sources report that the church was erected through the joint efforts of the clergy and parishioners. Next to the church was the parish cemetery and church estate lands, as well as the church's arable land in the upper reaches of the Gora-Gryazi river. In 1806, the altar of St. John the Warrior was replaced with the altar of the Prophet Elijah. This occurred after the events of 1805, when during a drought a procession with a prayer for rain took place in the city, and suddenly the sky above the church was covered with rain clouds, from which a heavy rain poured down. The summer turned out to be fruitful, and in honor of this, the townspeople decided to build the altar of the Prophet Elijah, as there had been a church of the Prophet Elijah in the city before the Time of Troubles, which was destroyed by the Poles along with the city. It was on this site that the St. Nicholas Church was erected.

In 1860, the wooden Nicholas church was replaced by a new stone five-domed church by the large Oryol road. Its construction began in 1855 under the guidance of a peasant from the village of Maslovka, Gavriil Vasilyevich Boldyrev, and was completed in 1860 when the church was consecrated by the blessing of His Grace Polycarp. Initially, the church did not have a refectory part, with three altars: in the name of St. Nicholas, the Prophet Elijah, and in honor of the icon of the Mother of God "Relieve My Sorrows." In 1862-1863, the refectory part and stone bell tower were added, as well as two more altars: in the name of St. Tikhon of Zadonsk and St. John the Warrior.

In 1871, due to cracks in the load-bearing walls caused by unstable soil, the upper part of the church was rebuilt, and instead of five domes, there was one dome.

After the Bolshevik Revolution of 1917, persecution of Orthodoxy began, and churches were closed one after another by the Soviet authorities. The St. Nicholas Church was also closed in 1927 by the decision of local authorities, and for more than 60 years, the word of God was not heard here. During the Soviet years, the bell tower was dismantled, and before the Great Patriotic War, a cinema was located in the church. During the war, there was a German camp for Soviet prisoners of war here, and in the post-war years, a furniture store and a civil defense warehouse.

In May 1994, after a long period of desolation, the first service was held here with a large gathering of people. In 2006, the painting of the central part of the church was completed. Restoration work on the facade of the church is currently underway.