The Church stands on the site of the Church of St. Salvatore mentioned in 1102 as “in Porta Aurea” because it was built close to the ancient pre-comunal southern Porta Aurea city gate. The present church was built by its patrons, the Buzzaccherini Sismondi family.

The Church was later ceded to the Congregation of Blacksmiths and Farriers who renamed it St. Alò (a mispronunciation of the French Saint Eloi), their patron saint. In 1587, the congregation renovated the building and in 1722 built a chapel dedicated to their patron saint and S. Ranier.

The Church received its present name in 1640, because of the discovery, during demolition of some buildings belonging to the Galletti family around it, of a fresco depicting a Madonna and Child, attributed to Taddeo di Bartolo (14th century). For the occasion, between 1642 and 1652, improvements were made. A new main altar, where the image of the Madonna was inserted, and a carved and gilded wooden ceiling by Carlo Del Norcia with five paintings on canvas were added. Other work was carried out around 1722 when the church became shaped as a Greek cross and a side altar was built.

The façade is outstanding, Rectangular in shape with a marble doorway and a large central window, it was built in 1757 to a design by Ignazio Pellegrini. A plaque inserted above the door, dated 1115, recalls the Pisan conquest of the Balearic isles and the return of the victorious Pisan troops through the Porta Aurea.