A wall inscription inside the church states it was completed under pope Celestine III on 26 November 1195, though this likely refers to a refurbishment rather than the original construction, which was possibly much earlier.

A now-lost ancient inscription refers to the church originally being built on the site of the house of saint Abbasia, a noblewoman who left her estate to charity, forming the basis of a Monte di Pietà, giving the church its medieval name of San Salvatore de Pietate.

Other sources believe the church gained this name after the Trajanic Arco della Pietà, now lost but still surviving in ruins in the 14th century.

In 1633, it became the base for the Confraternity of the Most Holy Sacrament of Divine Perseverance, which assisted pilgrims and foreigners who fell ill in Rome's inns, needed hospital treatment or looking after their bereaved families.

All that remains of the medieval church is the bell tower, built during the 12th century renovation and now partly surrounded by a neighbouring building.