The word"Old" refers to the fact that at the beginning of the 20th century, it was envisaged that this church would close; accordingly, a new church dedicated to St Martin was built to the east of the city. However, "Old" St Martin's has survived and is in daily use for worship. (The new church was built with the base for a tower that was never completed.)
Old St Martin’s is one of four city-centre churches that were rebuilt during the Georgian period, and four of the bells from the earlier church form part of the present chime of six, the oldest bell of which (the 3rd) is early 14th Century, and is dedicated to St Martin. The "back" three are by Watts, of Leicester 1638 and 1640. Treble is by T. Rudhall, 1780 and 2nd by T. Mears 1833. These six are now fitted with electro-magnetic hammers that strike the “St Martin’s” Chime at each quarter and on the hour. They may also be set to ring “Plain Hunt”.