Achieving atomic precision in nanostructured materials is essential for comprehending formation mechanisms and elucidating structure-property relationships. Within the realm of nanoscience and technology, atomically precise ligand-protected noble metal nanoclusters (NCs) have emerged as a rapidly expanding area of interest. These clusters manifest quantum confinement-induced optoelectronic, photophysical, and chemical properties, along with remarkable catalytic capabilities. Among coinage metals, silver distinguishes itself for the fabrication of stable nanoclusters, primarily due to its cost-effectiveness compared to gold. This minireview provides an overview of recent advancements since 2020 in synthetic methodologies and ligand selections toward attaining NCs boasting a minimum of two free valence electrons. Additionally, it explores strategies for fine-tuning optical properties. The discussion extends to surface reactivity, elucidating how exposure to ligands, heat, and light induces transformations in size and structure. Of paramount significance are the applications of silver NCs in catalytic reactions for energy and chemical conversion, supplemented by in-depth mechanistic insights. Furthermore, the review delineates challenges and outlines future directions in the NC field, with an eye toward the design of new functional materials and prospective applications in diverse technologies, including optoelectronics, energy conversion, and fine chemical synthesis.