Abstract Survival, reproduction, and movement are the key demographic parameters that drive population dynamics. Factors affecting these demographic parameters in large, long‐lived, extinction‐threatened mammals are diverse and may differentially affect subpopulations in disparate parts of an ecosystem. We conducted annual photographic surveys to uniquely identify 1,520 giraffes at 4 subpopulations around the Serengeti Ecosystem in Tanzania to estimate demographic parameters of age‐ and sex‐specific survival probabilities, reproduction, population densities, group sizes, and long‐distance movements. In the Seronera (central) subpopulation, we combined 15 years of data from 3 independent survey schemes, developed a Bayesian hidden Markov model to estimate demographic parameters, and conducted a retrospective population analysis to elucidate the demographic drivers of temporal changes in population growth rate. We collected data over 4–5 years for 3 other subpopulations, and used frequentist methods to estimate demographic parameters. We compared our results with historical estimates from the 1970s and 2000s to examine long‐term population trends and demographic drivers. We found significant differences in adult and subadult survival probabilities among subpopulations, with lower adult survival associated with declining subpopulations. Retrospective population analysis for the Seronera subpopulation reiterated that adult survival is a critical demographic driver of population dynamics for giraffes. The 2 subpopulations adjacent to the protected area boundary declined over 48 years, whereas the Seronera subpopulation stabilized since 2008. Only one individual moved between subpopulations, providing evidence for subpopulation insularity and potential genetic structuring of the overall population. These factors underscore the need for subpopulation‐specific conservation strategies aimed at raising adult survival within the western and northeastern parts of the Serengeti Ecosystem. Community‐based conservation efforts adjacent to protected areas have been effective in raising adult survival and density elsewhere. Our findings highlight the importance of understanding subpopulation dynamics and their demographic drivers for evidence‐based conservation and management to recover endangered giraffe populations.