We present a simple and eco-friendly biosynthesis of silver nanoparticles using Pomegranate peel extract as the reducing agent. Peel extract of Pomegranate was challenged with silver nitrate (AgNO3) and chloroauric acid (HAuCl4) solution for the production of silver nanoparticles (AgNPs) and gold nanoparticles (AuNPs), respectively. The reaction process was simple for the formation of highly stable silver and gold nanoparticles at room temperature by using the biowaste of the fruit. The morphology and crystalline phase of the NPs were determined from UV-Vis spectroscopy, transmission electron microscopy (TEM), selected area electron diffraction (SAED) and X-ray diffraction (XRD) spectra. TEM studies showed that the average particle size of silver nanoparticles were 5 ±1.5 nm whereas the gold nanoparticles were found to be 10 ±1.5 nm. An effort has been also been made to understand the possible involved mechanism for the biosynthesis of the NPs. Presumably biosynthetic products or reduced cofactors play an important role in the reduction of respective salts to nanoparticles.