Fluorescent silicon NPs (Si-NPs) and 3-mercaptopropionic acid-coated CdS NPs (MPA-NPs) were prepared and conjugated with two different albumin proteins, viz., BSA (B) and HSA (H). The absorption, fluorescence, FTIR, circular dichroism, and gel electrophoresis studies confirmed the conjugation of proteins to NPs. DPPH assay confirmed that the conjugated proteins retained their functional activity even after chemical modifications. The sizes of Si-NPs by TEM were found to be ∼8.7 ± 2 nm, whereas MPA-NPs showed individual particle sizes of ∼4.6 ± 1 nm. The in vitro studies suggested that these NPs were highly biocompatible. The potential of these protein-conjugated NPs in cholesterol effluxing and fluorescence imaging was studied using two different macrophage cell lines, viz., human coronary artery endothelial cells (HCAEC) and human umbilical vein endothelial cells (HUVEC). Results suggested that HSA-conjugated NPs showed better cholesterol effluxing ability and superior penetration toward these treated cells. Intracellular presence of Si-NPs was confirmed by confocal microscopic studies. All these studies unravelled the potential of Si-NPs as a theragnosis probe for future biomedical applications.