Nanoscience and nanotechnology have become one of the trends of present-day cutting-edge research. One of the reasons for nanomaterials to behave differently from their bulk counterparts is their high surface-to-volume ratio. It is seen that extremely noble materials like gold, become highly active at very low dimensions as the total surface energy becomes high as the size becomes very small. Gold nanoparticles synthesized through the citrate reduction method are well known for the simple synthesis procedure and solution stability but the presence of citrate ions reduces viability and impaired proliferation of human alveolar cell. Bovine Serum Albumin (BSA) is used both as a reducing as well as a stabilizing agent. It is postulated that the tyrosine residues at higher pH reduced the protein whereas cysteine residues work as stabilizers by the formation of thiol linkages. The major functional group tyrosine and cysteine are present in chymotrypsin and egg albumin which may enable them to work as a stabilizer. Gold nanoparticles (AuNPs) thus synthesised were characterised by transmission electron microscopy (TEM), scanning electron microscopy (SEM), and energy dispersive spectroscopy (EDS) to confirm their size, shape and composition. These gold nanoparticles have versatile applications as biomarkers and cancer therapy.