The aim of this work is to evaluate the antimicrobial and cytotoxic activity of a formulation containing silver nanoparticles and chitosan, provisionally called nano silver fluoride (NSF), against Streptococcus mutans in comparison to chlorhexidine and silver diamine fluoride (SDF). The product was characterised by transmission electron microscopy and UV-Vis absorption spectroscopy. The minimum inhibition concentration (MIC) was evaluated by the spectrophotometric microdilution method and turbidity. The minimum bactericide concentration (MBC) was evaluated in brain heart infusion plates, and cytotoxicity was evaluated by haemolytic activity. The MIC and MBC for NSF were, respectively, 33.54 ± 14.52 and 50.32 µg/mL; for SDF were 33.33 ± 14.43 and 50.0 µg/mL, respectively; and for CHX were 3.3 ± 0.5 and 6 µg/mL, respectively. An ANOVA for MIC gave P = 0.032, and for MBC P = 0.035. The cytotoxic effect of NSF compared to SDF demonstrated a statistically significant difference in the MIC value (t test P < 0.05). The NSF formulation may be effective against S. mutans with much lower doses, may have lower toxicity than SDF, and may not stain teeth.