This article reviews select contemporary silver (Ag) compounds used for the chemical modification of textile fibers, including colloidal Ag, Ag salts, and Ag powder. The routes of their application, the chemical methods of preparation, and the strengths and drawbacks of the individual application processes are reviewed. The most important additives employed in the preparation of colloidal Ag nanoparticle (Ag NP) solutions and their influences on the properties of the colloidal Ag are discussed. Furthermore, the mechanism of the antimicrobial activity of Ag when incorporated into textile fibers is presented in particular. Different factors related to the application processes and the properties of the fibers themselves are addressed in the context of the efficiency of Ag as an antimicrobial agent in textiles.