In this study, a novel antimicrobial formula that incorporates Listeria bacteriophage P100 and silver nanoparticles into an alginate matrix was successfully developed. Paper coated with the antimicrobial formula inhibited the growth of Listeria monocytogenes. The effects of alginate concentration on the formation of silver nanoparticles, silver concentration on the infectivity of phages, and of low alginate concentrations on the sustained release of silver and phages were explored. The highest antimicrobial activity of the alginate–silver coating was achieved with an alginate concentration of 1%. Adding phage P100 (10⁹ PFU/mL) into the alginate–silver coating led to a synergic effect that resulted in a 5-log reduction in L. monocytogenes. A bioactive paper was then developed by coating a base paper with the antimicrobial formula at different coating weights, followed by infrared drying. The higher coating weight was a crucial factor for the maintenance of phage infectivity throughout the coating and drying processes. Phages incorporated into the alginate matrix remained functional even after high-temperature infrared drying. Taken together, an optimized coating matrix is critical in improving the antimicrobial performance of bioactive paper as well as maintaining phage infectivity during the paper manufacturing process.