This sanctuary was in its origin a convent of Barefoot Carmelites. It was built in 1583, using plans drawn by Diego de Praves. The facade was built in 1617 by his son, Francisco de Praves, who also constructed the chapel of Saint John the Baptist. In 1739 Fray Pedro de la Visitación built the Chapel of San Joaquín, Santa Ana and Nuestra Señora de la Mano.

Among the works of art it houses, the image of the Virgen del Carmen in the major altarpiece stands out. This was highly worshiped by the people of Valladolid, and is taken out in procession each Monday of the Holy Spirit together with the image of San José. In the Chapel of San Joaquín the pre-rococo vaults culminated with plaster-work by Matías Machuca and the reredos of the Immaculate by Gregorio Fernández (1634) stand out.

After the Ecclesiastical Confiscations of Mendizábal, the convent disappeared and was turned into a cemetery in 1840, although the temple was maintained and survives today.