Here we report a simple, one-pot, inexpensive, and eco-friendly method for the synthesis of silver nanoparticles. The leaf extract of a medicinal plant Nervalia zeylanica was used as reducing and stabilizing agent for the synthesis of nanoparticles by microwave-assisted strategy. The nanoparticles show characteristic surface plasmon peak at 468?nm in UV?vis absorption spectrum. The involvement of phytochemicals in the reduction and stabilization of nanoparticles was confirmed by FTIR analysis. Using X-ray diffraction analysis, the crystalline nature of the nanoparticles was demonstrated. Transmission electron microscopic analysis shows that the nanoparticles were in spherical shape with average particle size of 34.2?nm. The antioxidant studies were performed by the 1,1-diphenyl-2-picryl hydrazyl method. The nanoparticles show excellent scavenging activities than the leaf extract. The IC50 values of silver nanoparticles and the leaf extract, respectively, were 15.20 and 92.83??g?mL(?1). The catalytic activities of synthesized nanoparticles were examined by using them in the reduction of organic dyes. The nanoparticles show excellent catalytic activities and follow pseudo-first-order kinetics. The antimicrobial activities of nanoparticles were analyzed by an agar well diffusion method against six microbial strains and found that the nanoparticles were highly toxic against all the tested microbial strains.