Recent developments in nanoscience have appreciably modified how diseases are prevented, diagnosed, and treated. Metal nanoparticles, specifically silver nanoparticles (AgNPs), are widely used in bioscience. From time to time, various synthetic methods for the synthesis of AgNPs are reported, i.e., physical, chemical, and photochemical ones. However, among these, most are expensive and not eco-friendly. The physicochemical parameters such as temperature, use of a dispersing agent, surfactant, and others greatly influence the quality and quantity of the synthesized NPs and ultimately affect the material’s properties. Scientists worldwide are trying to synthesize NPs and are devising methods that are easy to apply, eco-friendly, and economical. Among such strategies is the biogenic method, where plants are used as the source of reducing and capping agents. In this review, we intend to debate different strategies of AgNP synthesis. Although, different preparation strategies are in use to synthesize AgNPs such as electron irradiation, optical device ablation, chemical reduction, organic procedures, and photochemical methods. However, biogenic processes are preferably used, as they are environment-friendly and economical. The review covers a comprehensive discussion on the biological activities of AgNPs, such as antimicrobial, anticancer anti-inflammatory, and anti-angiogenic potentials of AgNPs. The use of AgNPs in water treatment and disinfection has also been discussed in detail.