The church was built at the end of the 16th century thanks to the alms and free work of the faithful, perhaps using the material of the ruined monastery of San Vincenzo which stood nearby.
According to tradition, the name derives from a miraculous image of a votive ‘Madonna’ which, being originally on the shores of the lake, was subject to frequent floods; to save it from the waters, it was therefore moved onto an olive branch. The Madonna enthroned with Angels, attributed to a close collaborator of Caporali, was then placed in a niche in the center of the main altar, where it still stands.

The temple has a Latin cross shape with a nave marked by three altars on each side and was subsequently continuously embellished with numerous interventions also by the Della Corgna family.