In the 16th century, Medina de Rioseco experienced an economic boom as it became a trading center for silver arriving from India via the port of Seville. Donations and legacies from America increased the city's wealth. Four large churches were built.
Its construction began at the end of the 16th century. Its construction continued throughout the 17th century with numerous ups and downs. The façade is its most singular element; it recreates the design of the Italian architect Jacopo Vignola for the church of the Gesù, in Rome. At the end of the 1960's it suffered a serious fire and in 1974 its main façade had to be supported as it threatened to collapse.

Today the church houses the "Museo de Semana Santa".