Crocin, as a valuable metabolite of saffron, encompasses numerous nutritional, pharmacological, and medicinal properties suitable for different applications. This study aimed to effectively extract crocin compounds with high yield and quality from saffron stigma and comprehensively investigate their various physicochemical and functional properties. To this end, the modified solvent extraction method was used for crocin extraction and its different functional and physicochemical properties were investigated using various characterization techniques. The functional and biological properties of the resultant crocins in terms of antioxidant activity, antibacterial potency, anti-tyrosinase property, and cytotoxicity were investigated. According to the results, a high extraction yield and purity for extracted samples (19.6% and 13.4% production yield and 78% and 98.4% purity in the first and second crystallization steps, respectively) were obtained using the green, environmentally friendly, and sustainable crystallization method. The coloring index, bitterness, and aromatic power of the extracted crocin were comparable with the standard crocin. Morphological, structural, and thermal properties of the extracted crocin from different analytical methods confirmed its preserved composition and structure through the solvent extraction process. Moreover, a desired antioxidant activity by the DPPH, superoxide, hydroxyl radical scavenging, and reducing power assays were observed for resultant crocin products. In the antibacterial and cytotoxicity assays, a 5 mg/mL minimum inhibitory concentration (against Gram-positive and Gram-negative bacteria) and more than 95% cell viability (toward the NIH 3T3 cell line) were recorded, respectively. A potent anti-tyrosinase activity (IC50 = 73.93 μg/mL) with a significant reduction in the melanin production of the B16F10 cell line also was noticed for the obtained crocin products.