Caribbean reef sharks are prohibited from being caught by commercial fishers in U.S. waters, however harvest of these sharks may be permissible in other countries. During the past few decades, an increasingly popular (and even more controversial) commercial aspect of the Caribbean reef shark has emerged. To increase clientele, many dive-boat operations have come to include shark-feeding dives as a part of their agenda, with some of the most popular sites being main habitats of Caribbean reef sharks. Although new regulations prohibit such feedings off the coast of Florida, no such restrictions have been placed on operations in Bahamian or other Caribbean waters.

A profitable ecotourism industry has arisen around this species involving organized "shark feeds", in which groups of reef sharks are attracted to divers using bait. Some US$6,000,000 is spent annually on shark viewing in the Bahamas, where at some sites a single living Caribbean reef shark has a value between US$13,000 and US$40,000 (compared to a one-time value of US$50–60 for a dead shark).[14] This practice has drawn controversy, as opponents argue that the sharks may learn to associate humans with food, increasing the chances of a shark attack, and that the removal of reef fishes for bait may damage the local ecosystem. Conversely, proponents maintain that shark feeds contribute to conservation by incentivizing the protection of sharks and educating people about them. Thus far, there has been little evidence that shark feeds have increased the risk of attack in the surrounding area.[8][15] Shark feeding has been outlawed off the coast of Florida, but continues at other locations in the Caribbean.[4]
On the infrequent occasions when they swim in oceanic waters, grey reef sharks often associate with marine mammals or large pelagic fishes, such as sailfish (Istiophorus platypterus). There is an account of around 25 grey reef sharks following a large pod of bottlenose dolphins (Tursiops sp.), along with 25 silky sharks (C. falciformis) and a single silvertip shark.[13] Rainbow runners (Elagatis bipinnulata) have been observed rubbing against grey reef sharks, using the sharks' rough skin to scrape off parasites.[14]
Ancient reefs buried within stratigraphic sections are of considerable interest to geologists because they provide paleo-environmental information about the location in Earth's history. In addition, reef structures within a sequence of sedimentary rocks provide a discontinuity which may serve as a trap or conduit for fossil fuels or mineralizing fluids to form petroleum or ore deposits.