The study of bimetallic nanoparticles (BNPs) has constantly been expanding, especially in the last decade. The biosynthesis of BNPs mediated by natural extracts is simple, low-cost, and safe for the environment. Plant extracts contain phenolic compounds that act as reducing agents (flavonoids, terpenoids, tannins, and alkaloids) and stabilising ligands moieties (carbonyl, carboxyl, and amine groups), useful in the green synthesis of nanoparticles (NPs), and are free of toxic by-products. Noble bimetallic NPs (containing silver, gold, platinum, and palladium) have potential for biomedical applications due to their safety, stability in the biological environment, and low toxicity. They substantially impact human health (applications in medicine and pharmacy) due to the proven biological effects (catalytic, antioxidant, antibacterial, antidiabetic, antitumor, hepatoprotective, and regenerative activity). To the best of our knowledge, there are no review papers in the literature on the synthesis and characterisation of plant-mediated BNPs and their pharmacological potential. Thus, an effort has been made to provide a clear perspective on the synthesis of BNPs and the antioxidant, antibacterial, anticancer, antidiabetic, and size/shape-dependent applications of BNPs. Furthermore, we discussed the factors that influence BNPs biosyntheses such as pH, temperature, time, metal ion concentration, and plant extract.