A church named in honor of the apostles Peter and Paul was erected on the site of the ancient churchyard (buy) in the Middle City of Pskov in 1373. It was near the city gates where several streets of Pskov met. The today stone church dates back to 1540.

The church is located in a very picturesque place on the high bank of the Pskova river. The beautiful Epiphany Church in the Zapskovye is not far from it on the opposite bank of the Pskova river. It was here that the blessing of water took place on Epiphany. According a legend, the Church of Peter and Paul at the Buy was a favorite church of Peter I. When the tsar came to Pskov he always went to pray in this church.

The one-domed church is typical of Pskov school. And the interior of the church gives an idea about how they built churches in Pskov in the Middle Ages.