Its name comes from Philip V of Spain's victory in the battle of Almansa on 25th April 1707, San Marcos Day.
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.