Layered pnictide materials have provided a fruitful platform to study various emergent phenomena, including superconductivity, magnetism, charge density waves, etc. Here we report the observation of structural distortion and noncollinear magnetism in layered pnictide EuAg$_4$As$_2$ via transport, magnetization, single crystal X-ray and neutron diffraction data. EuAg$_4$As$_2$ single crystal shows a structural distortion at 120 K, where two sets of superlattice peaks with the propagation vectors of $q_1=pm$(0, 0.25, 0.5) and $q_2=pm$(0.25, 0, 1) emerge. Between 9 K to 15 K, the hexagonal Eu$^{2+}$ sub-lattice enters an unpinned state, with magnetic Bragg reflections pictured as circular-sectors. Below 9 K, it orders in an incommensurate noncollinear antiferromagnetic state with a well-defined propagation wavevector of (0, 0.1, 0.12), where the magnetic structure is helical along the $c$ axis and cycloidal along the $b$ axis with a moment of 6.4 $mu_B$/Eu$^{2+}$. Furthermore, rich magnetic phases under magnetic fields, large magnetoresistance, and strong coupling between charge carriers and magnetism in EuAg$_4$As$_2$ are revealed.
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