The International Union for Conservation of Nature (IUCN) has assessed the Caribbean reef shark as Near Threatened; its population has declined off Belize and Cuba from overfishing and exploitation continues in other regions. They are also threatened by the degradation and destruction of their coral reef habitat. Commercial fishing for this species is prohibited in United States waters. They are protected in the Bahamas due to their significance to ecotourism, as well as in a number of Marine Protected Areas (MPAs) off Brazil and elsewhere. However, enforcement against illegal fishing is lacking in some of these reserves, and many areas in which this species is abundant are not protected.
The grey reef shark is native to the Indian and Pacific Oceans. In the Indian Ocean, it occurs from South Africa to India, including Madagascar and nearby islands, the Red Sea, and the Maldives. In the Pacific Ocean, it is found from southern China to northern Australia and New Zealand, including the Gulf of Thailand, the Philippines, and Indonesia. This species has also been reported from numerous Pacific islands, including American Samoa, the Chagos Archipelago, Easter Island, Christmas Island, the Cook Islands, the Marquesas Islands, the Tuamotu Archipelago, Guam, Kiribati, the Marshall Islands, Micronesia, Nauru, New Caledonia, the Marianas Islands, Palau, the Pitcairn Islands, Samoa, the Solomon Islands, Tuvalu, the Hawaiian Islands and Vanuatu.
Reef sharks play a major role in shaping Caribbean reef communities. As the top predators of the reef and indicator species for marine ecosystems, they help maintain the delicate balance of marine life in reef environments. Reef sharks are highly valued for their meat, leather, liver oil, and fishmeal, which make them prone to overfishing and targeting. Yet, their importance for the tourism industry makes them more valuable alive than dead. In 2011, Honduras declared its waters to be a permanent sanctuary for sharks, making fishing for these species completely forbidden.
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). 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. Shark feeding has been outlawed off the coast of Florida, but continues at other locations in the Caribbean.
Despite sharks being portrayed as notorious aggressive animals, very few incidents have involved blacktip reef sharks, none being fatal. Still the importance of an apex predator is vital to a balanced and healthy ecosystem. Unfortunately, this species is very susceptible to reef gill netting. And sharks all around continue to be threatened by fishing pressure resulting in a decrease in many shark populations.
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.