In 1897, the construction of a new, majestic cathedral began to the north of the Assumption Church and to the east of the Iversky Cathedral. Nizhny Novgorod historian and restorer A. I. Davydov notes in his article "Trinity Cathedral of the Vyksa Iversky Convent" that the monastery complex was not conceived in the form it took by the early 20th century. The territory of the monastery gradually expanded, and churches, bell towers, cells, and other buildings were erected at different times and by different architects. However, the choice of location for the new cathedral, where a wooden chapel once stood, was not accidental: architectural logic required the construction of a majestic structure that would become the center of the ensemble.

The cathedral was designed by Moscow architect P. A. Vinogradov, based on the main church of the Nikolsky-Ugresha Monastery, created by A. S. Kaminsky. This choice was symbolic, as the venerable Varnaava of Gethsemane was ordained a hierodeacon in the Ugresha monastery. However, the Trinity Cathedral is not a copy: Vinogradov used a spatial-volume solution but interpreted the details in his own way. Davydov notes that the facades of the building combined huge archivolts imitating zakomaras, a powerful "diamond" rustication, and small details of the window frames, which gave the cathedral not only grandeur but also pomp. The construction took a long time: by 1900, the walls and vaults were ready, in 1902, the domes, and in 1906, the interior finishing was completed. The consecration was planned for 1906, but it was postponed due to the death of St. Varnaava of Gethsemane and other reasons. Ultimately, the church was consecrated in 1909, and its two chapels in 1912.

Contemporaries noted the majesty of the cathedral. Metropolitan Vladimir Bogoyavlensky of Moscow and Kolomna said that "such a temple would be rare even in Moscow." The area of the cathedral was 1400 square meters, the height to the cross on the central dome exceeded 50 meters, and it could accommodate up to 4000 worshippers. Among the relics, the Iverskaya Icon of the Mother of God and the statue of the Weeping Christ were especially venerated. During the Soviet years, the fate of the cathedral and the entire Iversky Convent was tragic: in 1919, they were closed, and in the summer of 1927, the main church was blown up. The domes, drums, and vaults collapsed, but the main load-bearing walls withstood and became the basis for restoration.

The revival of the Vyksa Iversky Convent began in the late 20th century. In 1991, a religious community was registered, which became a monastery in 1997. The restoration of the main church began, and in 2003, the narthex was consecrated. There is still a long way to go before full restoration, but work continues. The Trinity Cathedral is surrounded by scaffolding, the vault has been erected, drums have been installed, and soon the domes with gilded crosses will be raised.