It is part of a conventual structure that includes the Chiostro del Bramante formerly home to Canons Regular of the Lateran and later the Order of Preachers.

The current building was built on the foundations of the pre-existing church of Sant'Andrea de Aquarizariis[a] in 1482, commissioned by Pope Sixtus IV.

In 1656–67 Pope Alexander VII commissioned Pietro da Cortona to enlarge the tiny Piazza della Pace in front of the 15th-century church of Santa Maria, to accommodate the carriages of its wealthy parishioners.

The inscription around the porch architrave is taken from Psalm 72: SUSCIPIANT MONTES PACEM POPULO ET COLLES IUSTITIAM ("The mountains shall bring peace to the people; and the hills, justice").

On the upper facade, Cortona had the curved travertine panels cut to make grained matching patterns, in an unusual use of this particular material.

[3] The Church of Santa Maria della Pace was designated as a titulus for a Cardinal-Priest on 13 April 1587 by Pope Sixtus V.[5] The holders of the title were:[6]