The inclusion of Rialto in the name distinguishes this church from San Giacomo dell'Orio which is situated in the sestiere of Santa Croce, on the same side of the Grand Canal.

It has a large 15th-century clock above the entrance, a useful item in the Venetian business district but regarded as a standing joke for its inaccuracy.

According to tradition, San Giacomo is the oldest church in the city, supposedly consecrated in the year 421.

It was rebuilt in 1071, prompting the establishment of the Rialto market with bankers and money changers in front of the church.

In 1503, it survived a fire which destroyed the rest of the area, and was restored from 1601 by order of Doge Marino Grimani [citation needed].