Mygalin is a synthetic analog of polyamine spermidine isolated from spider hemocytes. Polyamines show potential therapeutic activity against a wide range of human diseases such as cancer and microbial infections. In this work, we analyzed the antibacterial and antitumoral activities of Mygalin silver nanoparticles synthesized by the photoreduction method. The formation and distribution of MygAgNPs were confirmed by UV-visible spectroscopy, zeta potential, and transmission electron microscopy. The obtained nanoparticles were mostly spherical with a particle size distribution in the range of ~ 10–60 nm. We have demonstrated that MygAgNPs increased the effectiveness of the native Mygalin by approximately 6400-fold. Cytotoxicity tests were performed, and it was possible to reach a concentration that was not toxic to healthy cells (NHI-3T3) and at the same time toxic to the tumor cell line (MCF-7). The obtained results suggest that this system shows potential enhanced antibacterial activity against Escherichia coli, DH5α and anticancer activity against MCF-7 cell line.