It was built on an ancient oratory dedicated to St. George, donated by the Municipality to Blessed Giacomo Bianconi in 1291. As a sign of recognition for the fundamental role he played in the reconstruction of the town, after the siege of the imperial troops of Frederick II, he obtained to place the convent in a central position: in the square next to the Palazzo dei Consoli.

In the façade, there is a fine polystyle portal from the end of the 14th century, adorned in the lunette by a fresco in a poor state of preservation. The interior subjected to various renovations and restored in the 20th century, has a single and luminous nave.

There are some remains of the eighteenth-century altars that adorned the walls of the church on the beautiful fronts and significant altarpieces, some of which are attributed to Ascensidonio Spacca from Bevagna (16th century).

In the choir, there are the remains of an important cycle of frescoes assigned to a master of Assisi culture, linked to the first Giottesks.

In the side chapels, two wooden sculptures from the end of the 13th century are preserved: on the left the Madonna with the Child, on the right a beautiful Crucifix considered miraculous. On the main altar (17th century), an urn preserves the body of the Blessed Giacomo, while the ancient sarcophagus is walled in the entrance wall of the church.

In the adjoining convent, there is the cloister, decorated with stories from the life of the Blessed Giacomo, by Giovanbattista Pacetti (17th century). In the chapter room, there are frescoes from the mid-13th century.

Descending Via del Gonfalone, behind the apse of the church of Saints Domenico e Giacomo, we find conspicuous remains of a Roman building in mixed construction, probably dating back to the 2nd century A.D., which could be port facilities.