Sapphire-vented Puffleg has a large geographic range and a large population and the population trend appears to be stable. Consequently the IUCN Red List conservation status of this species is Least Concern (BirdLife International 2013). Sapphire-vented 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 Sapphire-vented Puffleg is assessed as uncommon to locally common (Ecuador; Ridgely and Greenfield 2001a), fairly common (Peru; Schulenberg et al. 2010), and locally very common (Fjeldså and Krabbe 1990).