Generally, silver is considered as a noble metal used for treating burn wound infections, open wounds and cuts. However, the emerging nanotechnology has made a remarkable impact by converting metallic silver into silver nanoparticles (AgNPs) for better applications. The advancement in technology has improved the synthesis of NPs using biological method instead of physical and chemical methods. Nonetheless, synthesizing AgNPs using biological sources is ecofriendly and cost effective. Till date, AgNPs are widely used as antibacterial agents; therefore, a novel idea is needed for the successful use of AgNPs as therapeutic agents to uncertain diseases and infections. In biomedicine, AgNPs possess significant advantages due to their physical and chemical versatility. Indeed, the toxicity concerns regarding AgNPs have created the need for non-toxic and ecofriendly approaches to produce AgNPs. The applications of AgNPs in nanogels, nanosolutions, silver based dressings and coating over medical devices are under progress. Still, an improvised version of AgNPs for extended applications in an ecofriendly manner is the need of the hour. Therefore, the present review emphasizes the synthesis methods, modes of action under dissipative conditions and the various biomedical applications of AgNPs in detail.