Silver-based metal–organic frameworks (MOFs) and/or coordination polymers (CPs) have attracted wide attention in scientific community due to their intriguing structural aspects and properties. This evaluative review gives an overview of the advances (till April 2023) of Ag-based MOFs and/or CPs and their composites including their organized synthetic strategies and versatile applications in five identified major domains. While the discussion on 'Design and Synthesis Strategies' is classified into three major parts (i) Types of inorganic building units, (ii) Ag-cluster based building units and (iii) Types of organic ligands employed, the key application areas include (i) Gas Adsorption and Separation, (ii) Catalysis, (iii) Sensing and Adsorption, (iv) Energy-related Applications, and (v) Antimicrobial and Anticancer Activity. At the same time, the critical analysis of the current developments with special emphasis on the role of Ag-ion in establishing the structure–function relationship and future scopes of such materials are discussed, which would provide a better basis for comprehending the topic and, meanwhile, open up new avenues for the preparation of more advanced Ag-containing materials for plausible commercial usages.