One-step synthesis of size-tunable silver nanoparticles (Ag-NP) incorporated into electrospun nanofibers was achieved. Initially, in situ reduction of silver salt (AgNO3) to Ag-NP was carried out in aqueous solution of polyvinyl alcohol (PVA). Here, PVA was used as reducing agent and stabilizing polymer as well as electrospinning polymeric matrix for the fabrication of PVA/Ag-NP nanofibers. Afterwards, hydroxypropyl-beta-cyclodextrin (HPβCD) was used as an additional reducing and stabilizing agent in order to control size and uniform dispersion of Ag-NP. The size of Ag-NP was ∼8 nm and some Ag-NP aggregates were observed for PVA/Ag-NP nanofibers, conversely, the size of Ag-NP decreased from ∼8 nm down to ∼2 nm within the fiber matrix without aggregation were attained for PVA/HPβCD nanofibers. The PVA/Ag-NP and PVA/HPβCD/Ag-NP nanofibers exhibited surface enhanced Raman scattering (SERS) effect. Moreover, antibacterial properties of PVA/Ag-NP and PVA/HPβCD/Ag-NP nanofibrous mats were tested against Gram-negative (Escherichia coli) and Gram-positive (Staphylococcus aureus) bacteria.