For the first time, the microalga Porphyridium cruentum was tested for its ability to produce silver nanoparticles. To characterize formed silver nanoparticles UV–vis Spectrometry, Scanning Electron Microscopy, Energy-dispersive analysis of X-rays and X-ray diffraction were used. It was shown that after biomass exposure to silver nitrate solution the extracellular formation of spherical-like nanoparticles took place. Functional groups responsible for metal binding were determined by Fourier-transform infrared spectroscopy. The complex of biochemical tests was used for biomass characterization and assessment of the changes of its main components (proteins, lipids, carbohydrates, and phycobilin) during nanoparticle formation. Obtained data indicate a significant decrease of proteins, carbohydrates, phycobiliproteins, and lipids content as well as antiradical activity of biomass. The obtained results show the necessity of determination of optimal conditions for obtaining Porphyridium cruentum biomass enriched with silver nanoparticles for its further application in the pharmaceuticals industry