The Church of the Holy Life-Giving Trinity in Bolkhov is a monument of history and architecture of federal significance and one of the few in the Oryol region that has preserved its original architectural appearance. The church is located next to the Spaso-Transfiguration Cathedral on the territory of the former Kremlin and is considered one of the oldest and most prominent architectural monuments of Bolkhov. Previously, it formed a complex with the Church of St. John the Theologian, which existed until the end of the 18th century. After the latter was abolished, the John the Theologian chapel was transferred to the Trinity Church, where a chapel of St. Paraskeva the Great Martyr already existed. The current church was built in place of a wooden one from 1701 to 1708 from red brick. The builders were the merchant family Bobkovs. In the 'Metric', compiled by priest Ivan Glebov in 1881, there is mention of the icon of the 'Last Judgment', painted in 1708 by Isidor, Ivan, and Antoniy Babkov.

The architectural design of the church, its silhouette, and rich decor make it a true gem of Russian architecture. The decor is made of molded brick and white stone in the spirit of Moscow merchant churches of the 17th century. Outside, the church was adorned with tiles featuring plant motifs. The bell tower with eclectic decor was added after the old one tilted in 1871; its construction began in 1872 and was completed in 1878. The new bell tower was built at some distance from the refectory, creating an archway passage between them. The church had 8 bells.

The interior of the church included wall paintings, fragments of which have survived in poor condition. A revered relic of the church was the icon of the Kazan Mother of God. A stone chapel was built at the site of its appearance to merchant Kachanov, which has not survived. Since 1883, a church-parish school operated at the church.

In the autumn of 1929, the church building was planned to be transferred to an anti-religious museum. In 1930, the church was closed and used as a tar storage. Partial restoration in 1955 and the 1960s did not prevent the church's destruction. The bell tower lost its top, and the museum was never opened.

In 2001, a parish community was registered, and in 2002, the building was handed over to it, after which services resumed in the northern chapel. Restoration work began: sealing cracks, cleaning the basement, and restoring the vault. With federal funds and donations, project documentation was completed, and site planning was carried out.

The active phase of restoration began in 2006 with the participation of OAO 'Orelstroy' and the support of Vladimir Sobolev. On July 9, 2009, a charity marathon was held to raise funds for the restoration of the church, with the participation of over a hundred organizations and thousands of residents of the region. On this day, crosses were installed on the church's dome.

By November 2013, the restoration of the facade was 80 percent complete, and Oryol icon painters Mikhail and Olga Nikitins painted two-thirds of the church's interior surface. Icons for the interior decoration are being created by masters from Moscow, St. Petersburg, and Vladimir. On November 1, 2013, Archbishop Anthony of Oryol and Livny performed the rite of great consecration of the church.