The Exaltation Cathedral was laid in September 1905, on the day of the transfer of the relics of Saint Simeon of Verkhoturye. The consecration of the cathedral and the transfer of the relics of the Ural saint took place on September 11, 1913, in the year of the 300th anniversary of the Romanov dynasty. On this day, the monastery received a telegram from Livadia from the Royal Family with congratulations and a request for prayers before the saint's relics. A canopy was installed over the relics of Simeon, gifted by the imperial family, with a golden inscription about its construction in 1914.

The Exaltation Cathedral became one of the largest churches in Russia, accommodating up to four thousand people. Its grandeur emphasized the significance of Verkhoturye in the Orthodox life of the country. The cathedral amazed contemporaries with the beauty of its decoration: the domes were covered with zinc, and the central iconostasis was made of faience at the Kuznetsov factory in Moscow.

In 1919, the Bolsheviks arrived in Verkhoturye, and soon the relics of Saint Simeon were uncovered in the cathedral. In the 1930s, the cathedral was closed, its iconostasis was destroyed, and valuables were looted. The church was attempted to be converted into a cinema, and later it was used for the needs of a juvenile colony.

In 1990, the Holy Nicholas Monastery returned to the Orthodox Church. Today, the cathedral has been revived, and thousands of pilgrims come to the Urals to venerate Saint Simeon of Verkhoturye.

From 2012 to 2014, restoration work was carried out, including cleaning and painting the domes, restoring the roof and windows, repairing the drainage systems and the eastern facade. The interiors, central drum, stucco decor, and brickwork were also restored.