In the early 20th century, the Holy Trinity Cathedral was named the main treasure of Balashov in the "Passenger's Guide to the South-Eastern Railways." The cathedral, known from old postcards, was built in 1886 and consecrated in 1895, although its history began much earlier.

In 1820, a single-altar stone church of the Holy Trinity was erected in the main trading square of Balashov. In 1879, new construction began. Without demolishing the old building, additional altars were constructed next to the main altar. There were four of them: in honor of Saint Nicholas the Wonderworker, Saint Catherine the Great Martyr, Saint Michael the Archangel, and Saint Mitrophan, the Wonderworker of Voronezh. The new cathedral became five-altar, and its construction was financed by the townspeople, including merchant and city mayor V.P. Turkin.

The tall church dominated among other buildings and served as a landmark. The square on which it stood was called Trinity Square, as was one of the nearby streets, now K. Marx Street.

Unfortunately, the Trinity Cathedral did not delight the townspeople for long. In 1930, the presidium of the Balashov district executive committee first raised the issue of its closure and liquidation. The faithful appealed to preserve the cathedral, and it was decided that it had architectural value. However, this decision turned out to be temporary.

In 1932, bells were removed from the bell tower for industrial needs. The largest of them fell, breaking through the roof and ceiling. Someone from the townspeople reported this to Moscow, and a telegram arrived demanding to halt the liquidation. It was promised that the breach would be repaired. But the local authorities did not leave the church in peace. In 1935, the cathedral was closed, services ceased, and a decision was made to demolish it. The work was planned to be completed by April 1, 1936.

The building could not be dismantled due to the strong masonry, and the cathedral was decided to be blown up on the eve of Easter. Many people felt ill from what they saw. Later, they recalled the mirrored crosses shattering into fragments and how they were forced to burn icons. However, some small icons were saved, and they were kept in families as relics.

The memory of the Trinity Cathedral is still alive in Balashov today. Many residents perceive it not only as a lost architectural value but also as a spiritual center of the old city. Now the church can only be seen on old postcards, and a park named after Kuibyshev has long been established on the site of Trinity Square. However, almost every day, people come to the Veneration Cross, erected at the site of the main altar of the Holy Trinity Cathedral.