Carcinogenesis is a complex process involved in genotoxic and non-genotoxic pathways. The carcinogenic potential of silver nanoparticles (AgNPs) has been predicted by examining their genotoxic effects using several in vitro and in vivo models. However, there is no little information regarding the non-genotoxic effects of AgNPs related to carcinogenesis. The in vitro cell transformation assay (CTA) provides specific and sensitive evidence for predicting the tumorigenic potential of a chemical, which cannot be obtained by genotoxicity testing. Therefore, we carried out CTA in Balb/c 3T3 A31-1-1 cells to evaluate the carcinogenic potential of AgNPs. Colony-forming efficiency and crystal violet assays were carried out to determine the cytotoxicity of AgNPs. A cytokinesis-block micronucleus (CBMN) assay and CTA were performed using Balb/c 3T3 A31-1-1 cells to predict the in vitro carcinogenic potential of AgNPs. In the CBMN assay, AgNPs (10.6 μg/mL) induced a significant increase in micronucleus formation indicating a genotoxic effect. Thus, AgNPs could be an initiator of carcinogenesis. In the CTA, used to assess the carcinogenic potential of AgNPs, cells exposed to AgNPs for 72 hours showed significantly induced morphological neoplastic transformation at all tested doses (0.17, 0.66, 2.65, 5.30, and 10.60 μg/mL), and the transformation frequency was significantly increased in a dose-dependent manner. These results indicate that short-term exposure (72 hours) to AgNPs had in vitro carcinogenetic potency in Balb/c 3T3 A31-1-1 cells.