Yellow-bellied Tanager has a wide geographic range, and so the IUCN Red List conservation status is rated as Least Concern (BirdLife International 2011). Although the size of the population is unknown and believed to be declining due to habitat destruction, the population size and rate of decline are not believed to approach the threshold used for classifying a species as Vulnerable (BirdLife International 2011).
The relative abundance of Yellow-bellied Tanager is assessed as uncommon to locally fairly common across its range (Hilty and Brown 1986, Willard et al. 1991, Ridgely and Greenfield 2001a, Hilty 2003, Schulenberg et al. 2007).