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Its name comes from Philip V of Spain's victory in the battle of Almansa on 25th April 1707, San Marcos Day. In 1944, it was declared a National Monument.

Work began on the church in 1749 under the architect Ventura Rodriguez. It was consecrated on 22nd April 1753 and in 1836 became an independent parish. It is considered one of Ventura Rodriguez's best works and he was buried in the church alongside his wife until the 19th century, when their remains were moved to what is often called "the chapel of the architects", the church of San Sebastián. The exterior (it is hemmed in by buildings on three sides) does not match the richness of the interior, with its large organ made from walnut and many decorative details.

The exterior is an example of restrained classicism (enclosed by three buildings) and cannot be compared with the sumptuousness of its interior, which houses a magnificent organ made from walnut and decorated with numerous ornamental details, currently standing in silence waiting to be restored. The dome is divided into four sections and contains paintings by Luis González Velázquez.