Actinobacteria are well-known producers of diverse secondary metabolites by the presence of biosynthetic gene clusters (BGCs). Biological control of banana pathogens using antagonistic actinomycetes is recently considered a promising strategy. Therefore, this study aimed to assess the plant growth-promoting activities and the antagonistic potential of the newly identified Streptomyces sp. VNUA74 strain that isolated from banana rhizosphere in Hung Yen province, Vietnam. The morphological, biochemical and physiological characteristics together with the whole genome and 16S rRNA based taxonomic analyses confirmed that VNUA74 strain belongs to Streptomyces parvulus. In silico genome mining revealed that S. parvulus VNUA74 contains rich source of potential BGCs for secondary metabolites involved in antagonistic activities. Notably, eleven BGCs showed 100% similarity in gene contents with the known clusters possessing antibacterial and antifungal activities such as actimomycin D, germicidin, istamycins, albaflavenone, and cyclic Lanthipeptide SapB. The functional genome analysis also revealed genes participated in plant growth-promoting. Furthermore, in vitro biochemical assays indicated that S. parvulus VNUA74 exhibited strong antagonistic activities against a range of important phytopathogens on banana, including Fusarium oxysporum f. sp. cubense Tropical race 4, F. solani, F. oxysporum, Colletotrichum gloeosporioides, Corynespora cassiicola, Xanthomonas axonopodis, Ralstonia solanacearum and Clavibacter michiganensis. Finally, the VNUA74 strain showed notable enhancements of all examined growth traits of banana plantlets in the pot experiment. In summary, the results showed that the S. parvulus VNUA74 strain possesses multiple characteristics of being the effective biocontrol and biofertilizer agents for the sustainable production of banana and other agricultural crops. In further, the genomic approaches will provide an opportunity to discover novel bioactive compounds as well as manipulating novel gene clusters from S. parvulus VNUA74 strain.