The present invention relates to a pain relief composition comprising paramagnetic silver nanoparticles. More specifically, the composition is characterized in that it comprises from 0.03 to 0.05% by weight of paramagnetic silver nanoparticles having specific properties that were not revealed by conventional diamagnetic silver nanoparticles. The pain relief composition according to the present invention shows excellent effect of relieving pain of arthritis due to antibiotic property and anti-toxicity of paramagnetic silver nanoparticles. By using the paramagnetic silver nanoparticles having small particle size, the composition is rapidly absorbed into cells upon being applied to skin. In addition, by virtue of using silver (Ag), no complication such as skin coloration or edema was observed. According to the present invention, pain is relieved by simple application, so that the usage is easy as compared to surgical treatment such as arthroscopic operation to provide high satisfaction to a patient.