The red-brick church was built thanks to the efforts of the local merchant Vasily Kolobov. During the Great Patriotic War, the church was shut down and housed first a painting shop and then a military telegraph service. The iconostasis and church valuables were lost in a fire in 1943.
Father Nikolai Listov initiated the restoration of the church. He is buried in the churchyard. The iconostasis for the restored church was brought from a destroyed church in Lamerye, a village in the Krestetsky District. Icons, churchware and books eventually returned to the church thanks to Valdai residents. This is also how the most cherished relic came about ̶ the image of the Iveron Mother of God, a copy of the early 20th century Iveron Icon that was kept in a monastery since the 17th century and was lost after its closure.
Many priests who dedicated their lives to Valdai churches are buried in the churchyard.
The church is a cultural heritage site of regional importance.
