According to research by Archbishop Filaret Gumilevsky of Kharkiv (1805–1866), the Church of the Exaltation of the Holy Cross was built in 1821 on the site of two dilapidated wooden churches—St. Nicholas and the Exaltation of the Holy Cross. The architect was P. Yaroslavsky.

The right side chapel of the church was consecrated in honor of St. Nicholas and St. Simeon, while the left side chapel was dedicated to the martyr Eudokia and the St. Pantaleon.

According to the list of protected architectural landmarks in the Kharkiv region, this neoclassical church was built between 1809 and 1823. During the 19th century, the church underwent several renovations. The church still houses frescoes by artists from the school of painter V. Vasnetsov.

The bell tower was destroyed during World War II and was completely dismantled during the construction of a highway in 1950. The church building was used as a vegetable storage facility and a warehouse for a furniture store. Restoration work began in the late 1980s.

The church was damaged by shelling from Russian forces during the Battle of Izyum in the spring of 2022.
