This study presents the synthesis of polyaniline-coated silver (PANI-Ag) nanocomposites via in situ oxidative polymerization and their application in the removal of piracetam, an anti-Alzheimer drug, from aqueous solutions. The nanocomposites were characterized using XRD, FTIR, SEM-EDX, DLS, UV-Vis, and HRTEM. Adsorption experiments optimized key parameters, including pH (7), drug concentration (800 ppm), contact time (180 min), and temperature (65 °C), achieving a 99% removal efficacy. Kinetic and isotherm studies confirmed a Langmuir monolayer adsorption model with pseudo-second-order kinetics, indicating chemisorption. Additionally, the antioxidant activity of PANI-Ag nanocomposites was evaluated using DPPH (56.42%) and ABTS (76.43%) assays, demonstrating superior free radical scavenging compared to PANI alone. These findings highlight the dual potential of PANI-Ag nanocomposites as efficient drug removal agents and antioxidant materials, offering promising applications in environmental remediation and biomedical fields.