Golden-breasted Puffleg has a relatively restricted geographic range, but the population appears to be stable. Consequently the IUCN Red List conservation status of this species is Least Concern (BirdLife International 2013). Golden-breasted Puffleg is included in Appendix II of CITES, as is the case with all hummingbirds, regardless of rarity (except for Hook-billed Hermit Glaucis dohrnii, which is on Appendix I of CITES).
The relative abundance of Golden-breasted Puffleg is assessed as common in Colombia, at least in Parque Nacional Puracé (Hilty and Brown 1986), and as "uncommon to fairly common and somewhat local" in Ecuador (Ridgely and Greenfield 2001a). Fjeldså and Krabbe (1990) describe it as common only in Pichincha, Ecuador.