In the late 18th century, there was a need for the construction of a new Orthodox church, but the project was never realized. The issue was raised again in 1836 when a vicar's see of the Pskov diocese was opened in the Riga Church of Peter and Paul, and in 1850 when the independent Riga diocese was formed, and the church became a cathedral.

In the early 1870s, the Governor-General of the Baltic region, Prince Bagration, upon the advice of representatives of the Russian population in the region, petitioned the Minister of Foreign Affairs of the Russian Empire, A. M. Gorchakov, about the necessity of building a church. Gorchakov supported this idea, and Archbishop Benjamin (Karelin) appealed to the Orthodox community for donations. In 1873, a strong storm damaged the Church of Peter and Paul, which accelerated the decision to build a new church. In 1874, Emperor Alexander II allocated 900,000 rubles for the construction of a new cathedral in the Livonian province.

Three projects for the cathedral were sent for review in Moscow. Among them was the project of architect Janis-Friedrich Baumanis, academician Heinrich Schell, and graduate of the St. Petersburg Academy of Arts Robert Pflug. In 1875, Pflug's project, which proposed construction in the Neo-Byzantine style, was chosen, which had political significance in the context of the 'monument war' between the Russian and Baltic German communities.

The construction of the church began on the esplanade, where building was prohibited. In 1902, on the opposite side of the esplanade, the construction of the Riga Commercial School began, designed by architect Wilhelm Bokslaff. The contractor competition was won by academician N. M. Chagin, and the ornamental decor and stone details were made by the workshop of August Foltz. The cornerstone of the cathedral was consecrated on July 3, 1877. Emperor Alexander II gifted the church 12 bells, cast by master Xenophon Verovkin. A bell tower was built above the entrance to the cathedral for the bells.

Famous masters participated in the interior decoration: P. Shamshin, K. B. Venig, and V. V. Vereshchagin, who created icons for the main iconostasis. Professor Vasilyev painted icons for the second and third tiers of the iconostasis. On April 24, 1884, the church was handed over to the spiritual administration, and on October 28, it was consecrated by Metropolitan Platon (Gorodetsky). On the day of the consecration, a procession took place, and the icons from the Church of Peter and Paul were transferred to the new church. Services were conducted in four languages: Church Slavonic, Latvian, Estonian, and German. More than half a million rubles were spent on the construction of the cathedral, including 140,000 for the interiors.

The church was renowned for its collection of icons, many of which were donated by parishioners. In 1894, John of Kronstadt served here.

The cathedral was built at the initiative of Prince Peter Bagration from 1877 to 1884. Funds for construction were allocated by Alexander II, and the remaining amount was raised through donations. The project of the cathedral in the Neo-Byzantine style was developed by Robert Pflug, and the construction was led by architect Nikolai Chagin. Icons were created by artists Peter Shamshin, Vasily Vereshchagin, and Vasily Vasilyev. In 1917, the church was handed over to the Lutheran Church, it was looted and devastated. In 1922, after restoration, services resumed and continued until 1963 when the church was closed. The interior was destroyed, and the building housed a planetarium and a café. In 1991, the church was returned to the believers.