The temple was built near "St. Petka" - the first church in Gabrovo. In 1231, a religious  procession moving the relics of St. Paraskeva of Epivato (St. Petka) passed through Gabrovo on the way to Tarnovgrad /Veliko Tarnovo/. Orthodox tradition has it that if relics spent the night somewhere, a temple must built in honor of the occasion. During the Ottoman rule, that original temple, built by the people of Gabrovo was destroyed, but in the early XIX century, a second church called the "Assumption of the Blessed Holy Mary" was built nearby. The city started expanding and developed to be a commercial, educational and economic center, therefore the local need for a larger and more impressive temple started growing.  In 1865 in place of the old building the construction of a new church began, designed by the Renaissance master Usta Gencho. The Master also constructed the building of the first secular school in Bulgaria in Gabrovo - The National Aprilov High School.

Over the years, the church developed historically significant spiritual activity. In 1872 Ilarion Makariopolski was ordained Bishop of Tarnovo there.

The cathedral - a basilica with three naves- is an outstanding example of the Bulgarian Renaissance architecture. The church is about 30 m. wide and about 10m high. Both domes are of the same height, but the central one is larger and has 8 oval windows. The lime wood iconostasis is a carving masterpiece of the Liberation. At the front entrance, you will notice the patron icon "The Assumption of the Blessed Holy Mary ", as well as the year of the new temple’s construction.

Today, the church is declared a cultural monument of national importance.