On rangelands the livestock–wildlife interface is mostly characterized by management actions aimed at controlling problems associated with competition, disease, and depredation. Wildlife communities (especially the large vertebrate species) are typically incompatible with agricultural development because the opportunity costs of wildlife conservation are unaffordable except in arid and semi-arid regions. Ecological factors including the provision of supplementary food and water for livestock, together with the persecution of large predators, result in livestock replacing wildlife at biomass densities far exceeding those of indigenous ungulates. Diseases are difficult to eradicate from free-ranging wildlife populations and so veterinary controls usually focus on separating commercial livestock herds from wildlife. Persecution of large carnivores due to their depredation of livestock has caused the virtual eradication of apex predators from most rangelands. However, recent research points to a broad range of solutions to reduce conflict at the livestock–wildlife interface. Conserving wildlife bolsters the adaptive capacity of a rangeland by providing stakeholders with options for dealing with environmental change. This is contingent upon local communities being empowered to benefit directly from their wildlife resources within a management framework that integrates land-use sectors at the landscape scale. As rangelands undergo irreversible changes caused by species invasions and climate forcings, the future perspective favors a proactive shift in attitude towards the livestock–wildlife interface, from problem control to asset management.