The stone church was built between 1749 and 1760 on the site of a wooden church that was destroyed during the Polish-Lithuanian intervention. In 1805, a new bell tower was erected on the west side, replacing the old one. From 1826 to 1836, a new, larger church was built according to the design of provincial architect I.F. Lvov, funded by merchants I.F. Tatarintsev and F.N. Bobrov. The main altar gave the cathedral its name, the southern chapel was dedicated to the Epiphany, and the northern chapel was dedicated to the holy monks Anthony and Theodosius of the Caves. To ensure the northern facade harmonized with the surrounding buildings, it was given a ceremonial appearance, and the main entrance was equipped with a podium and steps. According to Lvov's design, the staircase was to be adorned with statues. In 1922, church valuables were confiscated from the cathedral, and it was closed in 1935. In 1936, it housed an exhibition of the Local History Museum. The cathedral was reopened for services in late October 1941 by Bishop Vasily (Ratmirov) of Kalinin with the assistance of Burgomaster Yasin, appointed by the German occupation administration. However, in December of the same year, after the restoration of Soviet power, it was closed again. In 1972, the building of the Ascension Cathedral was converted into an exhibition hall, after which it was renovated and reconstructed. In the 1990s, the cathedral was returned to the Orthodox Church, and services resumed on January 7, 1993.