The antibacterial and anticancer activities were evaluated for the biologically fabricated silver nanomaterials (AgNMs) using Streptomyces sp. The AgNMs were characterised by UV visible spectra at 429 nm and X-ray diffraction pattern in 38.10° (111), 43.68° (200), 63.9° (220) and 79.96° (311) were confirmed the face centred cubic crystal system. The electron microscopic analysis was confirmed that the particles were in spherical shape with an average particle size of 30 nm. The Fourier transform infrared spectra revealed that the Streptomyces sp. was involved in the reduction process of nanomaterial fabrication. The photoluminescence properties of the AgNMs were inspected via PL spectrum and attained prominent emission peak at 544 nm. The AgNMs gave promising antibacterial activity against E-coli comparing with other microorganisms. The anticancer activity of AgNMs was investigated against the human breast cancer cell line and it provides extraordinary toxicity against the cell line. This result confirms the potential scope for the usage of marine bacteria in an effective manner to the pharmaceutical fields.