The selective oxidation of alcohols to aldehydes has attracted a lot of attention because of its potential use in agrochemicals, fragrances, and fine chemicals. However, due to homogenous catalysis, low yield, low selectivity, and hazardous oxidants, traditional approaches have lost their efficiency. The co-precipitation method was used to synthesize the silver-cobalt bimetallic catalyst supported on functionalized multi-walled carbon nanotubes (Ag-Co/S). Brunauer Emmet Teller (BET), scanning electron microscopy (SEM), energy dispersive X-ray analysis (EDX), and X-ray diffraction (XRD) were used to characterize the catalyst. For the oxidation of cinnamyl alcohol (CA) with O2 as an oxidant, the catalyst’s selectivity and activity were investigated. The impacts of several parameters on catalyst’s selectivity and activity, such as time, temperature, solvents, catalyst dosage, and stirring speed, were comprehensively studied. The results revealed that in the presence of Ag-Co/S as a catalyst, O2 could be employed as an effective oxidant for the catalytic oxidation of cinnamyl alcohol to cinnamaldehyde (CD) with 99% selectivity and 90% conversion. In terms of cost effectiveness, catalytic activity, selectivity, and recyclability, Ag-Co/S outperforms the competition. As a result, under the green chemistry methodology, it can be utilized as an effective catalyst for the conversion of CA to CD.