On 18 May 1478 the people of Zug, under the direction of Hans Felder, laid the foundation stone for this late-Gothic church. The main entrance is flanked up on the left and right by the city’s patron saints, Oswald and Michael.

Located between the two portals is Mary with the child and above that, St. Anne Selbdritt (literally: St. Anna "herself the third"), the church’s honorary patron. Inside, the Last Judgment, painted by Melchior Paul von Deschwanden in 1866, is portrayed above the chancel arch. The choir stall belonging to Ulrich Rosenstain from Lachen is the only original item from the time of the construction of the church and is dated 1484. Dr. Josef Grünenfelder writes: St. Oswald's "is a testimony to the affluence of the people of Zug, but also a testimony to their willingness to make sacrifices and to their sense of piety following the Burgundian war, and it is not least a memorial to the affection the inhabitants of Zug have shown towards their church for centuries."