The multifunctional features of noble metal nanoparticles (MNPs) were exploited in various biomedical applications, which eventually demanded the development of a sustainable green synthesis approach. In the present study, Quercetin (Q) was employed as a promising green reductant for the generation of noble metal nanoparticles such as silver (Q-AgNPs), gold (Q-AuNPs), and bimetallic (Q-Ag-AuNPs) towards biomedical perspective. Initially, the NPs were successfully synthesized in a size-controlled manner via optimizing temperature, pH, metal ion concentration, and stoichiometric ratio of the reaction mix. The redox reaction and conversion of metal ions (Ag⁺ and Au³⁺) into their respective metal nano-forms were confirmed through their surface plasmonic resonance (SPR) in UV-visible spectroscopy. In addition, different instrumentation like FT-IR, XRD, HR-TEM, and XPS analyses were performed to confirm the size, shape, and chemical composition of fabricated NPs. The bactericidal effect of fabricated NPs was tested against Gram-positive and Gram-negative pathogens. Moreover, the cytotoxic potential was screened against breast (MCF-7) and colorectal (HCT-116) carcinoma cell lines. This work revealed that the flavonoid-functionalized noble metal NPs were associated with good antibacterial and anticancer potential against selected cancer cell lines.