Capel Gomer has its history dating back to the 1960s according to The South Wales Evening Post, with its name dating back even further to before The Blitz.
It will keep its original name once it is taken over by its new owners.
Dr Aaron Wong, Swansea Chinese Christian Church (SCCC) chairperson, said: "It has quite a history, and it's good to continue that, while continuing the works of God."
"This is a historic moment for us because having a church building is a big thing for all of the Chinese churches in the UK.
"The Welsh Baptist Union were very keen to sell it to us, to continue the gospel rather than seeing it demolished, turned into a hotel, or something else."
The SCCC was created in 1970 by students in order to reach out to the city's population.
The church regularly attracts more than 100 members to its Sunday services.
Until now, SCCC has not had its own building, but has been renting space.
Dr Wong, a consultant cardiologist, also said: "We can be a bit more flexible since we have our own building, such as reaching out to elderly people alone at home."
He said that he hopes the church can connect with overseas students and make them feel at home when they stay in Swansea.
Sunday services are in Mandarin, Cantonese and English and are directed at both Chinese and non-Chinese Christians.