For wound healing, functional films with certain physicochemical and biological properties are needed. Thus, the current work aimed to fabricate multifunctional materials comprising metal oxide nanoparticles loaded with an efficient polymer to be used as dressing material. A composite containing polymeric phases of cellulose acetate (CA) blended with zinc sulfide (ZnS), silver oxide (Ag2O), and graphene oxide (GO) was successfully synthesized. The prepared composite crystallinity was studied using the X-ray diffraction technique (XRD). Further, the functional groups and the elemental analysis were investigated using Fourier-transform infrared spectroscopy (FTIR) and energy-dispersive X-ray spectroscopy (EDX). Furthermore, the surface morphology was studied using scanning electron microscopy (SEM) to obtain the shape and size of particles. SEM showed that the particles were formed in wide distribution in the range of 18–915 nm with an average size of 235 nm for Ag2O/ZnS/GO/CA. The particle size of Ag2O in the CA film was in the range between 19 and 648 nm with an average size of 216 nm, while the particle size of ZnS in CA was in the range of 12–991 nm with an average age particle size of 158 mm. In addition, EDX, based on SEM investigation, detected high carbon and oxygen quantities at around 94.21% of the composite. The contact angle decreased and reached 26.28° ± 2.12° in Ag2O/ZnS/CA. Furthermore, thermogravimetric analysis (TGA) was used to investigate the thermal stability, and the composition was thermally stable until 300 °C. Moreover, the cell viability of “normal lung cells” reached 102.66% in vitro at a concentration of 1250 µg/mL. The antibacterial activity of Ag2O/ZnS/GO/CA was also detected against E. coli with a zone of inhibition reaching 17.7 ± 0.5 mm. Therefore, the composite can be used in biomedical applications due to its biocompatibility and antibacterial activity.