Located in the Plaza de Isabel la Católica square, the church of La Compañía, also known as Nuestra Señora de la Calle, is a Catholic parish church built by the Jesuits at the end of the 16th century. Its main peculiarity is that it houses the patron saint of the capital of Palencia, the Virgen de la Calle, whose feast day is celebrated on 2 February.

The church was built by the Society of Jesus between 1584 and 1599, hence its popular name. It was originally dedicated to Saint Lawrence. After the expulsion of the Order from Spain in 1767, the building was converted into a parish-sanctuary when the image of the Virgen de la Calle, which until then had been worshipped in the church of San Bernardo, was placed inside. In the last decades of the 19th century, the Diocesan Seminary was built as an annex building. When the Jesuits returned to Palencia in 1871, they did not take possession of their old church, but, by virtue of an agreement with the Bishopric of Palencia, they took over the church of the cloistered convent of San Francisco.

It is a temple with a typically Jesuit design. The main façade, of classic Renaissance sobriety and Escorial style, is made up of three sections of descending width. The lower section consists of a simple lintelled doorway covered with a curved tympanum, to which a coat of arms gives decorative continuity until it touches the first cornice; it is flanked by four pairs of Corinthian pilasters with smooth shafts, which help to enhance the verticality of this façade. The second section reproduces the previous model, except that the linteled opening is now a window, the lateral pilasters being reduced to two pairs; the ends are closed with large fins and pinnacles-obelisks topped with balls. The third section has a pediment divided by a niche with the image of the Virgin and a central belfry with a single belfry, with a projecting finial at the ends.

The interior has a single nave with three bays, the first of which is for the choir and the other two open to connected side chapels, which are covered by a barrel vault with lunettes decorated with plasterwork. A short transverse arm is interposed between the nave and the chancel; above the transept, a half-orange dome resting on pendentives and decorated with coffered ceilings, whose geometric rhythm is extended to the back walls of the main arches and to the vaulted section of the main chapel. The pendentives are decorated with reliefs of angels holding coats-of-arms. A contemporary restoration has brought to light much of the polychromy that adorned the wall paintings.

The main altarpiece is an advanced Baroque work with Rococo influence, made by Pedro Bahamonde in the 18th century, in ungilded wood. In its two sections, three aisles and semicircular attic, there are nine round images, including those of Saint Lawrence - the original patron saint of the church - and saints of the Jesuit order such as Saint Ignatius of Loyola, who presides over the attic, Saint Francis Xavier and Saint Stanislaus of Kostka. The smallest of these images, located in the tabernacle since 1768, is also the most relevant: it corresponds to the Virgen de la Calle, once venerated in a hermitage next to the church of San Bernardo, a 41-centimetre carving dating from the 15th century, which due to its blackened appearance is popularly known as La Morenilla (The Little Black Madonna). The figure is supported by four 18th century angels. The crown that this Virgin with a reputation as a miracle-worker wears today is a work of contemporary Castilian goldsmithing, from the workshop of Maese Calvo from Burgos.

In the four side chapels open on both sides of the nave and in the transept arms there are several Baroque altarpieces from the 17th and 18th centuries. Of the imagery, a 16th century Crucified Christ, whose authorship is attributed to Juan de Valmaseda, stands out. This image is the patron saint of the Brotherhood of the Most Holy Christ of Mercy and is paraded as the main statue on Holy Wednesday, Holy Thursday morning in the so-called "Procession of the Pardon" and also on Good Friday during Holy Week in the capital of Palencia.