Day by day augmenting importance of metal nanoparticles in the versatile fields like, catalyst, electronic, magnetic, mechanic, optical optoelectronic, materials for solar cell and fuel cell, medical, bioimaging, cosmetic, ultrafast data communication and optical data storage, etc, is increasing their value. Nanoparticles of alkali metals and noble metals (copper, silver, platinum, palladium, and gold, etc.) have a broad absorption band in the visible region of the electromagnetic spectrum of light, because the solutions of these metal nanoparticles show the intense color, which is absent in their bulk counterparts as well as their atomic level. The main cause behind this phenomenon is attributed to the collective oscillations of the free conductive electrons that are induced by an interaction with electromagnetic field. The whole incidence is known as localized surface plasmonic resonance. Out of these, we have selected the silver nanoparticles for the studies. In this article, we will discuss the synthesis, characterization, and application of the silver nanoparticles. Future prospective and challenges in the field commercialization of the nanosilver is also discussed.