The Nizhny Novgorod Fair, considered a national treasure, has a history spanning over four centuries. It was the most significant fair of its time, and the industrial exhibition of 1896 remains in history as one of the largest and grandest.

Trade on the Volga began in the first half of the 13th century at the Arskoye Field near Kazan. In 1524, Vasily III, after the Tatars plundered Russian merchants, prohibited them from traveling to Kazan and established a Russian fair in Vasilsursk. However, this location proved unsuccessful due to its border position, and the fair was moved to the monastery of Saint Macarius. Thanks to its advantageous location on the Volga route, it developed actively. The fair, held annually for two weeks, brought significant revenue to the Russian treasury and the monastery through customs duties and rent for trading spots. By the early 19th century, there were about 120,000 trading stalls. However, the fire of 1816 severely damaged the wooden structures of the fair.

Understanding the importance of creating a new economic center, Emperor Alexander I postponed the reconstruction of the Winter Palace and directed the allocated funds to the construction of the fair. Six million rubles from the treasury were allocated for its construction. The project was led by Lieutenant General Augustin Betancourt, and the architectural ensemble was based on the plan of architect Andrey Zakharov. Construction began on February 15, 1817, and lasted four years.

On July 15, 1822, trading began in the stone trading house and temporary wooden premises. The fair lasted more than a month, from July 15 to August 25, but the most active trading occurred from August to early September.

The fair occupied an area of almost 8 km² on the left bank of the Oka River. The second half of the 19th century became a time of flourishing for the fair. The opening of the Nikolayevskaya railway in 1851 nearly tripled the value of imported goods, and with the opening of the Moscow-Nizhny Novgorod railway, it increased even more. The fair gained international recognition, attracting merchants from Russia, Europe, Armenia, Persia, and Central Asia. In 1846, goods worth 57,214,906 rubles in silver were brought in, while 49,549,377 rubles were sold. The main goods included cotton products, tea, metals, woolen and silk items. The fair attracted up to 200,000 people annually, contributing to the development of urban infrastructure. Hotels, inns, restaurants, tea houses were built, and the service sector developed. On the opposite bank of the Oka, Rozhdestvenskaya Street was improved. Navigation flourished, and the Moscow highway was laid. Architectural development of the fair area continued. In 1852, the Cross Exaltation Chapel was built, in 1859, the Pechora Chapel, and in 1866, the Macarius Chapel. In 1858, the merchants decided to build a new cathedral in memory of Emperor Alexander II's visit to the fair. The project by architect Robert Kilevain required revision due to insufficient strength and funding. The new project by young architect Lev Dal was also not approved. The authorship of the final project remains unknown; it may have been architect I. S. Vishnevsky.

In 1867, Grand Duke Vladimir Alexandrovich visited the fair, participating in the ceremony of consecrating the site for the cathedral's foundation. The main construction of the Nevsky Cathedral began on August 18, 1868, and lasted 13 years. The cathedral was erected without a pile foundation and was a monumental structure with five domes. On July 20, 1881, the construction was completed, and the cathedral was consecrated in the presence of Emperor Alexander III and his family. Frequent fires contributed to the reconstruction of buildings in stone, supported by a decree on the transition of stone buildings to the owner's property. In the 1860s, merchant E. Schmitt installed 650 lanterns, and by 1885, electric lighting appeared. In 1870, a water supply and fountains were built at the fair. By the end of the 1880s, the Main Fair House became outdated, and it was decided to reconstruct it. The following year, the construction of a new building in the style of ancient Russian architecture of the 17th century was completed. It continued to perform administrative functions, housing the governor and his offices, the fair office, committee, and bank branch. In 1896, the All-Russian Exhibition opened near the fair, coinciding with the introduction of tram services. The development of capitalism in Russia contributed to the opening of branches of major banks on the fairgrounds.

After the collapse of the Soviet Union, the fair became a modern exhibition complex, equipped with everything necessary for conferences, exhibitions, and congresses. Its territory includes a customs post, six exhibition pavilions, five conference halls, and the Coat of Arms Hall. The complex includes the Fair Bank, a hotel, restaurants, cafes, and a shopping arcade. It is one of the largest exhibition enterprises in Russia. Events such as the All-Russian Scientific and Industrial Forum "United Russia," the International Forum "Great Rivers/ICEF," "Sister Cities and Partners," "Auto Forum," and others are held at the fair. In the spring of 1990, an advertising campaign "Prologue" was conducted, and six months later, a fair directorate was created under the leadership of V. V. Bessarab. The new organization was named the All-Russian Closed Joint-Stock Company "Nizhny Novgorod Fair."

Since 1993, the fair has been visited twice by Russian President Boris Yeltsin and other politicians. In March 2000, it was visited by Acting President Vladimir Putin. In 2001, Vladimir Bessarab resigned due to disagreements with shareholders, after which a criminal case was initiated against him for abuse of power.

In 2005, ten canvases depicting famous architectural monuments of the city appeared at the fair, created in the "frame unit art" technique. The images consist of many small photographs and show views of cities in the region. The total area of the canvases is almost 160 square meters and includes 100,000 fragments. The project was implemented by photo artist Igor Pshenitsyn with the support of the governor of the region and the Presidential Plenipotentiary in the Volga Federal District.