Background: The dragon tongue beans are a legume belonging to the Fabaceae family, are rich in protein, starch, fiber, and other micronutrients that have numerous health-promoting benefits. Its peel commonly the waste parts also contains lots of bioactive compounds. Materials and Methods: In the current research, dragon tongue bean peels (DtbP) extract is tested for the existence of phytochemicals. Ag nanoparticles are biosynthesized using DtbP extract. The generated DtbP silver nanoparticle characterization was accomplished using UV-Vis spectral analysis, FTIR spectral analysis, SEM analysis, EDX analysis, XRD analysis, zeta potential, and DLS study. Furthermore, comparative assessment on multi-biological activities of the biosynthesized Ag nanoparticles was accomplished by employing cytotoxicity (inhibition against HepG 2 cancer cells), antidiabetic (α-glucosidase inhibition assay), and antioxidant (free-radical scavenging) analysis. Results: The characterization result of the DtbP-AgNPs demonstrated that the AgNPs synthesized within 24 h. The AgNPs are nearly spherical. The biological effect assay of AgNPs displayed that DtbP-AgNPs is having significant cytotoxicity, antidiabetic, and moderate antioxidant effect. This study results as a whole report the biosynthesis of DtbP-AgNPs utilizing the legume dragon tongue bean waste peel and assessment of their multiple biological activities. The synthesized DtbP-AgNPs could serve as a potential candidate in the pharmaceutical industries in the formulation of drugs for the treatment of several medical ailments concerning cancer, diabetes, etc.