With their phytoconstituents acting as reducing and capping agents, natural extracts can be considered a viable alternative for the obtaining of metallic nanoparticles. The properties of phytosynthesized nanoparticles are dependent upon size and morphology, which, in turn, can be tailored by adjusting different parameters of the phytosynthesis process (such as the extracts’ composition). In the present study, we aimed to evaluate, for the first time in the literature, the influence of the extraction method and extract concentration on the morphological and biological properties (antioxidant and antibacterial activity) of silver nanoparticles phytosynthesized using Echinacea pupurea L. extracts. The obtained results revealed that the use of the low-concentration Echinacea hydro-alcoholic extract obtained via classical temperature extraction led to the development of nanoparticles with the smallest dimensions (less than 10 nm), compared with the use of extracts obtained with higher concentrations and the extract obtained via the microwave method. The developed nanomaterials exhibited enhanced antioxidant effects (determined via the DPPH assay) and antimicrobial properties (against Escherichia coli and Candida albicans), compared with the parent extracts.