St. Nicholas church is one of the three oldest churches in Kamianets-Podilskyi.The church was founded in 1393 when an Armenian individual with the name Sinan Kotlubey, donated money to build it. Up till 1495 the church was called St. Nicholas church. It was later renamed as the chapel of the Annunciation and in 1811 it was renamed back to St. Nicholas church. Greek Catholics obtained permission from the Armenian Catholic diocesan authorities to return the church to its original name.
However, in 1839 the church was restored back as an orthodox church. The priest, Victor Labeikovskyi was highly accredited for his relentless efforts towards restoring the church back as an orthodox church. The bell tower near the entrance to the church was built during the last decade of 19th century. The church was fully functional up until 1962. After 1962, the church became a warehouse. In 1990 the temple was given back to the Ukrainian Orthodox Church. In 1991 the icon of St. Nicholas was officially returned to the St. Nicholas church. The church remained under reconstruction from 1991 to 1997.