This study focused on preparing composite nanomats by incorporating silver nanoparticles (AgNPs) in polyvinylidene fluoride (PVDF) nanofibers through the electrospinning process. A short review of piezoelectric PVDF-related research is presented. PVDF is known for its biocompatibility and piezoelectric properties. Since electrical signals in biological tissues have been shown to be relevant for therapeutic applications, the influence of the addition of AgNPs to PVDF on its piezoelectricity is studied, due to the ability of AgNPs to increase the piezoelectric signal, along with providing antibacterial properties. The prepared samples were characterized by scanning electron microscopy, energy-dispersive X-ray spectroscopy, and Fourier transform infrared spectroscopy. In addition, the biological activity of composites was examined using a cytotoxicity assay and an assessment of the antibacterial activity. The obtained results show that the incorporation of AgNPs into PVDF nanofibers further enhances the piezoelectricity (crystalline β-phase fraction), already improved by the electrospinning process, compared to solution-casted samples, but only with a AgNPs/PVDF concentration of up to 0.3%; a further increase in the nanoparticles led to a β-phase reduction. The cytotoxicity assay showed a promising effect of PVDF/AgNPs nanofibers on the MDA-MB-231 breast cancer cell line, following the non-toxicity displayed in regard to the healthy MRC-5 cell line. The antibacterial effect of PVDF/AgNPs nanofibers showed promising antibacterial activity against Pseudomonas aeruginosa and Staphylococcus aureus, as a result of the Ag content. The anticancer activity, combined with the electrical properties of nanofibers, presents new possibilities for smart, multifunctional materials for cancer treatment development.