The rise of antimicrobial resistance and the global burden of cancer demand innovative therapeutic strategies. Frog skin secretions offer a rich source of bioactive peptides, some of which exhibit remarkable dual functionality—potent antimicrobial activity coupled with selective anticancer effects. This review highlights frog skin-derived peptides that bridge the gap between antimicrobial and anticancer therapeutics, emphasizing their structural diversity, mechanisms of action, and translational potential. A comprehensive literature search was conducted to identify peptides isolated from diverse anuran species, with emphasis on studies reporting structural features, activity against Gram-positive and Gram-negative bacteria, including multidrug resistant clinical isolates, anticancer effects, and underlying molecular mechanisms of cytotoxicity. Peptides such as dermaseptins, temporins, and brevinins disrupt microbial membranes while triggering apoptosis or necrosis in cancer cells. Key physicochemical characteristics, including net positive charge, amphipathicity, and α-helical conformation, contribute to their dual functionality. Recent advances in peptide engineering and delivery have improved stability, selectivity, and therapeutic efficacy, enhancing the clinical prospects of these naturally occurring bioactive molecules. Frog skin peptides represent promising candidates for the development of next-generation antimicrobial and anticancer therapeutics.