The Co-Cathedral is located in the city's Central Business District at the corner of 22nd Street East and Spadina Crescent, on the west bank of the South Saskatchewan River.

The cornerstone of St. Paul's was laid on July 25, 1910, by Canadian Prime Minister Sir Wilfrid Laurier and a year later it was formally consecrated by Archbishop Adelard Langevin of St. Boniface, Manitoba.

Originally built as parish church, it became a pro-cathedral in 1921, and elevated to a full cathedral in 1934 when the Diocese of Saskatoon was established.

Due to its small size and lack of space to expand, the building had been unable to effectively function as a cathedral since the mid-1990s.

Peter and Paul by German religious artist Berthold Imhoff were acquired from the church of St. Andrew's in Blaine Lake, which was being decommissioned.