The emergence of technology to produce nanoparticles (1 nm – 100 nm in size) has drawn significant researchers’ interests. Nanoparticles can boost the antimicrobial, catalytic, optical, and electrical conductivity properties, which cannot be achieved by their corresponding bulk. Among other noble metal nanoparticles, silver nanoparticles (AgNPs) have attained a special emphasis in the industry due to their superior physical, chemical, and biological properties, closely linked to their shapes, sizes, and morphologies. Proper knowledge of these NPs is essential to maximise the potential of biosynthesised AgNPs in various applications while mitigating risks to humans and the environment. This paper aims to critically review the global consumption of AgNPs and compare the AgNPs synthesis between conventional methods (physical and chemical) and current trend method (biological). Related work, advantages, and drawbacks are also highlighted. Pertinently, this review extensively discusses the current application of AgNPs in various fields. Lastly, the challenges and prospects of biosynthesised AgNPs, including application safety, oxidation, and stability, commercialisation, and sustainability of resources towards a green environment, were discussed.