One-step metal-assisted electroless chemical etching of silicon substrate in aqueous NH4F/AgNO3/HNO3 solution is investigated. The effects of etching time and AgNO3 concentration on the morphology and reflectance of etched layer are studied. It is found that the morphology and reflectance depend strongly on these parameters. The lowest reflectance is obtained for 0.009–0.01Ω∙cm p-Si(100) etched in 2M NH4F–1.89 M HNO3–0.01M AgNO3 aqueous solution for 15min. Indeed, the reflectance did not exceed the value of 0.63% in the 200–800nm range. In addition, nanostructured silicon surfaces obtained through etching using this solution are decorated with copper and silver nanoparticles and their photocatalytic activity for the degradation of rhodamine B under UV and visible light irradiation is evaluated. The highest catalytic activity is observed for samples decorated with Cu nanoparticles. This is attributed to their ability to facilitate electron–hole separation and to promote electron transfer in the photocatalytic process.