Nanotechnology is the study and control of materials at length scales between 1 and 100 nanometers (nm), where incredible phenomena enable new applications. It affects all aspects of human life and is the most active research topic in modern materials science. Among the various metallic nanoparticles used in biomedical applications, silver nanoparticles (AgNPs) are among the most important and interesting nanomaterials. The aim of this study was to synthesize AgNPs from the leaf extract of Myrsine africana to investigate their antibacterial, antioxidant, and phytotoxic activities. When the leaf extract was treated with AgNO3, the color of the reaction solution changed from light brown to dark brown, indicating the formation of AgNPs. The UV-visible spectrum showed an absorption peak at 438 nm, confirming the synthesis of AgNPs. Scanning electron microscopy (SEM) showed that the AgNPs were spherical and oval with an average size of 28.32 nm. Fourier transform infrared spectroscopy confirms the presence of bio-compound functional groups on the surface of the AgNPs. The crystalline nature of the AgNPs was confirmed by XRD pattern. These biosynthesized AgNPs showed pronounced antibacterial activity against Gram-positive and Gram-negative bacteria, with higher inhibitory activity against Escherichia coli. At 40 µg/mL AgNPs, the highest antioxidant activity was obtained, which was 57.7% and an IC50 value of 77.56 µg/mL. A significant positive effect was observed on all morphological parameters when AgNPs were applied to wheat seedlings under constant external conditions at the different concentrations. The present study provides a cost-effective and environmentally friendly method for the synthesis of AgNPs, which can be effectively used in the field of therapeutics, as antimicrobial and diagnostic agents, and as plant growth promoters.