The field of nanotechnology has emerged as a promising course of study branching out into various biomedical fields such as therapeutics, imaging, and diagnostics. Metallic nanoparticles, specifically silver, are an important area of study due to their multifunctionality and diverse morphological characteristics. Amongst the various methods of synthesis of these multifunctional nanoparticles such as physical methods and chemical, green synthesis is the most suitable method due to its eco-friendly nature, cost-effectiveness, and ease of production. This article summarizes the broad spectrum of applications of green silver nanoparticles in the fields of cancer theranostics, imaging and diagnosis, and drug delivery. Bimetallic nanoparticles with silver as one of its major constituents are also explored to get a clear insight into the numerous prospective developments in the respective field.