To biosynthesize silver nanoparticles (AgNPs) using fungal isolates [DS-2 (Penicillium oxalicum) and DW-8 (Fusarium hainanense)] as well as their mixed cell-free filtrate (CFF) acting as a consortium (DSW-28) and their bio-potentials. The fungi (DS-2 and DW-8) were harvested and CFF was prepared. CFF of each fungus and their mixture were reacted with silver nitrate solution under dark conditions for the synthesis of AgNPs. The UV-Visible spectra determined the surface plasmon resonance at 438, 441 and 437 nm for the AgNPs synthesized by DS-2, DW-8 and DSW-28, respectively. The band gap energy was found between 2.21 and 2.24 eV which depicted their ability to act as a semiconductor. The TEM imaging revealed the spherical shape and small size of AgNPs. The XRD pattern exhibited the crystalline structure corresponding to their peaks. The FTIR spectra indicate the presence of different functional groups present on the surface of AgNPs. The broad-spectrum antimicrobial activity was exhibited by AgNPs. The AgNPs also act as an effective antioxidant by depicting their radical scavenging activity against DPPH. Moreover, the AgNPs also inhibited the growth of fourth instar larvae of Aedes aegypti and Culex quinquefasciatus more efficiently in a dose-dependent method. The biosynthesized AgNPs from DSW-28 showed a significant anticancer activity against MCF-7 cells. The silver nanoparticles synthesized by the CFF of two different fungi act synergistically in a consortium leading towards the production of silver nanoparticles with smaller size and higher bioactivity. The impressive bioactivity of the silver nanoparticles synthesized by the mixture of CFF of various fungi acting as a consortium recommends their prospective use in agriculture as well as in biomedical as an antimicrobial, antioxidant, larvicidal and anticancer agents in future.