Silver nanoparticles (AgNPs) possess unmatched chemical, biological, and physical properties that make them unique compounds as antimicrobial, antifungal, antiviral, and anticancer agents. With the increasing drug resistance, AgNPs serve as promising entities for targeted drug therapy against several bacterial, fungal, and viral components. In addition, AgNPs also serve as successful anticancer agents against several cancers, including breast, prostate, and lung cancers. Several works in recent years have been done towards the development of AgNPs by using plant extracts like flowers, leaves, bark, root, stem, and whole plant parts. The green method of AgNP synthesis thus has several advantages over chemical and physical methods, especially the low cost of synthesis, no toxic byproducts, eco-friendly production pathways, can be easily regenerated, and the bio-reducing potential of plant derived nanoparticles. Furthermore, AgNPs are biocompatible and do not harm normally functioning human or host cells. This review provides an exhaustive overview and potential of green synthesized AgNPs that can be used as antimicrobial, antifungal, antiviral, and anticancer agents. After a brief introduction, we discussed the recent studies on the development of AgNPs from different plant extracts, including leaf parts, seeds, flowers, stems, bark, root, and whole plants. In the following section, we highlighted the different therapeutic actions of AgNPs against various bacteria, fungi, viruses, and cancers, including breast, prostate, and lung cancers. We then highlighted the general mechanism of action of AgNPs. The advantages of the green synthesis method over chemical and physical methods were then discussed in the article. Finally, we concluded the review by providing future perspectives on this promising field in nanotechnology.