Three subspecies are recognized by Gardner (2007).

Myrmecophaga tridactyla is widespread geographically, but there have been many records of population extirpation, especially in Central America (where it is considered the most threatened mammal) and the southern parts of its range. The low reproductive rates, large body size, along with threats to habitat loss and degradation in many parts of its range, have proved to be significant factors in its decline. The Giant Anteater is currently listed in a threat category in virtually all regional and national Red Lists. A population loss of at least 30% over the past 10 years has been estimated based on local extinctions, habitat loss, and deaths caused by fires and road kills. Based on this decline and past threats that are still ongoing today, it is likely that the population has suffered an overall reduction in population size of at least 30% but less than 50% over the last three generations (suspected to be around 21 years; Desbiez et al. 2020). Because of the real threats to this species and the noticeable declines, a precautionary assessment of Vulnerable is given. More data and population monitoring are required for this species, and a reassessment is recommended as soon as additional information becomes available.

Myrmecophaga tridactyla has been recorded from northeastern Honduras in Central America, south through the lowlands of South America to the Gran Chaco region of Bolivia, Paraguay and Argentina. Within Central America, the species has disappeared from much of its range, with recent sightings generally confined to highland regions. The giant anteater is considered the most threatened mammal of Central America; it seems to be extinct in Belize, Guatemala, and possibly Costa Rica. It is not listed in Owen and Girón's (2002) checklist of mammals of El Salvador. In South America, this species seems to be extinct in Uruguay (Fallabrino and Castiñeira 2006) and in the state of Santa Catarina, Brazil (Cherem et al. 2004). Its presence in Ecuador west of the Andes needs to be confirmed.

Myrmecophaga tridactyla is locally uncommon to rare. It seems, however, to be relatively common in the Argentine Chaco region, where its main predator is virtually extinct (Quiroga et al. 2016). In Suriname the species is regularly seen in the coastal rainforests, including urbanized areas. Habitat loss and degradation, roadkills, hunting, and wildfires have been substantially affecting the populations. There have been many records of population extirpation, especially in Central America and in the southern parts of its range.

A Population Viability Analysis showed that vehicle collisions reduce stochastic growth rate of a subpopulation in Brazil by half (Desbiez et al. 2020).

This terrestrial anteater is found in tropical moist forest, dry forest, mangroves, swamp and marsh forests, savanna habitats and open grasslands. It has also been reported from the Gran Chaco (Meritt 2008, Noss et al. 2008, Aliaga Rossel et al. 2021), timber plantations (Kreutz et al. 2013), and areas in regeneration after having been used for agriculture and cattle ranching (Martinez et al. 2020). Recent camera trap data suggest that the species may be more abundant in areas of upland forest in the Brazilian Amazon than previously thought (Prestes et al. 2022).

Giant anteaters require large areas (>10 km²) for their survival (Noss et al. 2010), which should contain forested patches (Giroux et al. 2021). Genetic analyses suggest that the Pantanal and Cerrado subpopulations share similar genes (Miranda et al. 2022). The establishment of forested corridors between biomes is thus fundamental for this habitat generalist.

Animals are generally solitary. Once per year, the female gives birth to a single young. Gestation length is 171 to 184 days (Bartmann 1983, Patzl et al. 1998, Knott et al. 2013). The mother carries the offspring on its back for approximately six months. Data from captive animals in European zoos show several females reproducing for the first time at 18-22 months, and the oldest known reproductive captive dams were 20-24 years old (unpublished report provided by I. Schappert). For wild females, sexual maturity is usually indicated as being around 2 years. Population data of wild giant anteaters are limited. A giant anteater baseline population viability model built using multi-data sources estimated the age at first breeding at 2 years, maximum lifespan at 15 years, and generation length at around 7 years (Desbiez et al. 2020).

Myrmecophaga tridactyla is at risk from habitat loss in parts of its range, and this is a significant threat to Central American populations in particular. Where this species inhabits grassland habitats (especially where termite mounds can be found at high densities) it is particularly susceptible to fires. Although they are a natural process in part of the species range, these fires have increased in intensity and frequency. In addition, intentional wildfires to transform forests and grasslands to pasture management for cattle as well as land use change for agroindustry areas to plant soybeans and other crops are increasing in several countries, especially in Brazil and Bolivia, and the number of giant anteaters burned is high (Aliaga-Rossel et al. 2021).

The subpopulation in the Pantanal of Brazil has suffered significant declines due to the direct and indirect effects of intentional fires. One study estimated that the wildfires in 2020 alone killed over 220,000 giant anteaters (Thomas et al. 2021). Although this number might be an overestimate considering the low population density of giant anteaters in the Pantanal, there is no doubt that the impact on the Pantanal subpopulation has been significant. The genetic implications of the significant declines in this subpopulation need to be assessed. The loss of suitable habitat has also led to an increase in disease transmission from cattle to giant anteaters.

Urban sprawl is also a problem, as it is causing the species to appear on the streets of large cities; this has been observed in Brazil (Miranda et al. 2022). Roadkills are another significant threat; a population viability analysis estimated a 46% probability of extinction over 100 years in the Brazilian Cerrado (Desbiez et al. 2020).

Animals are sometimes attacked by dogs. Giant anteaters are hunted for food throughout their distribution and are additionally hunted as a pest, for pets or for illegal and legal trade in some parts of their range. In Bolivia, there is evidence that illegal traffickers of jaguar fangs are also demanding giant anteater claws. In Guyana, they are killed for use as a medicine and for reasons of superstition, as some people believe they bring bad luck; there also seems to be some illegal international trade.

In some areas, giant anteaters are hunted for food; this is especially true in the Caatinga area of Brazil. Their skin is used to manufacture harnesses and other leather products, as well as for medicinal use (Ferreira et al. 2013). In the Argentine Chaco, giant anteaters are sometimes captured to be used as pets or for the illegal trade. In Bolivia there is evidence that illegal traffickers of jaguar fangs were also offering to buy giant anteater claws (Nuñez and Aliaga-Rossel 2017). In Suriname, although it being a fully protected species under the law, there is evidence of this animal being hunted for food. Furthermore, McCain (2001) reported that individuals were captured in Honduras with the purpose of being sold as pets in Asia.

Myrmecophaga tridactyla is listed on Appendix II of CITES. It has been recorded from many protected areas. It is listed on several national Red Data lists, and is protected as a national heritage species in some provinces in Argentina. There is a need to regulate or to improve fire management practices, especially in cattle ranching practices, and within the regions of grassland habitat occupied by this species. Population and genetic data, as well as habitat use information, are needed, especially for areas that are being subjected to land use change.

The species is listed as Regionally Extinct in the Brazilian states of Rio de Janeiro (Bergallo et al. 2000) and Espírito Santo (Chiarello et al. 2007). It is classified as Critically Endangered in Paraná (Instituto Ambiental do Paraná 2010) and in Rio Grande do Sul, Brazil (Fontana et al. 2003). It has been successfully reintroduced in Iberá, Corrientes province, Argentina (Jiménez-Pérez et al. 2016). More recently, a reintroduction program has been initiated by Instituto Tamandua in the Pantanal of Brazil.