The name of this church derives from its vicinity to the last Roman milestone on the ancient Flaminian Way that linked Rimini to Rome.
The church was built around 1510 by the city council, which still owns it, on a site where an image of a Madonna painted inside a shrine in 1483 had performed a miracle in 1506.
The city entrusted the complex to the Jeromite Friars of the Congregation of Fiesole, who maintained their incumbency until 1680. From 1680 to 1797 it was assigned to the Tertiary Regulars of St Francis, and from 1817 to 1867 to the Capuchins. Today it is a parish church.
The terracotta decorations are by Bernardino Guiritti from Ravenna, who worked in Rimini between 1508 and 1511. Guiritti may also have been the architect of the church. The portals in Istrian limestone were commissioned in 1514 instead from Giovanni di Bernardino of Venice.
The complex was damaged by the earthquakes of 1672 and 1786, and above all by that of 1916. Restoration work directed by Luigi Urbani was carried out in 1918. The bell-tower was partly rebuilt in 1922 to designs by Ivo Valentini, and at this time there was still a portico in front of the church.
The entire complex was severely damaged during the last war, and in particular the apse, which was further restored in 1971.
The church has several works of art that include a Deposition by Jacopo Palma Giovane, dated at 1610.