The work was commissioned by Margherita Passerini for her private altar in church of Santa Maria fuori le mura at Cortona: the contract is dated 1526, for a price of 155 florins.

In 1639 the panel was acquired by Grand Duke Ferdinand II de' Medici; a copy paid by him to remain in the church is now in the Diocesan Museum of Cortona.

the work later was moved to the current location, in pair with the similar Panciatichi Assumption also by Andrea del Sarto.

The few variants include the dark background, instead of a landscape, the different position of Mary and the angels around her, and the replacement of the right kneeling apostle with Blessed Margaret of Cortona, who was the donor's protector.

At the time of the execution of this version, Andrea del Sarto was already married, and (as mentioned by late biographer Giorgio Vasari) Mary's face is likely a portrait of his wife.