A comprehensive evaluation of the sustainability of the Small Ruminant Production Systems (SRPS) in Latin America and the Caribbean (LAC) is crucial to better understand their main distinctive characteristics and to propose a methodological analysis to quantify the ecological, economic and social footprint of small ruminants in the LAC region; this study aims to address such issues. Although it is complex to achieve a classification of systems integrating all the different SRPS existing in the LAC region, four main systems were proposed: Silvopastoral, Extensive Agrosilvopastoral, Intensve Agrosilvopastoral, & Intensive-Industrial. During 1998–2018, the LAC-goat-sheep annual average (AA) regarding inventory was 113.7 M heads. While sheep represented 70% of LAC inventory showing an overall decrease (−8%; 316,126 sheep yr−1), goats accounted 30%, with a global 18% rise (142,744 goats yr−1). Eight countries concentrated 90% of such census, highlighting Brazil 23% (25.87 M), Argentina 16% (18.78 M), Mexico 14% (16.43 M), & Peru 14% (15.49 M). The SRPS generated an AA of milk-meat-wool protein (MMWP) of 204.5 Mt, observing a decreased trend (−18%) mainly related to a reduction in raw wool (−45%) with concomitant increases for goat meat (7%), goat milk (27%), sheep meat (15%) & sheep milk (15%). While the SRPS-LAC-AA gross economic value of production was 1772.0 MUSD, 10 countries concentrated 95% of such value, notably Argentina 452.56 MUSD (26%), Mexico 369.11 MUSD (21%), & Brazil 328.0 MUSD (19%). Regarding the environmental impact for said period, the SRPS generated AA values of 585.5 Gg-CH4, 14,649 CH4-CO2eq, 1.73 Gg N2O, 514.1 N2O-CO2eq, 15,164.3 Total Emissions- CO2eq, & an AA-BWF of 264.3 Mm3. Regarding the DGHGE (Gg of CO2eq) emissions, 75% were generated by five countries, highlighting Brazil (3445; 23%), Argentina (2477; 16%), & Mexico (2196; 14%). While the global EV of production by the SRPS-LAC was 37,212 MUSD, the total economic cost of the DGHGE was 6516 MUSD; such cost represented 18% of the EVP-SRPS-LAC. The BWF-SRPS-LAC increased by 12%, from 246.36 Mm3 in 1998–275.58 Mm3 in 2018; the main countries were Mexico (71.73 Mm3; 27%), Brazil (46.62 Mm3; 18%), & Argentina (43.81 Mm3; 16%). Interestingly, the BWF in m3 kg−1 MMWP−1 yr−1, registered an overall increase of 36%, going from 1.11 in 1998–1.51 in 2018. When breaking down the percentage contributions of the EV-Ecological Footprint (EF), 79% corresponds to the EV-BWF and the remaining 21% to the EV-CF. The less water-efficient countries were Guatemala, Bahamas & Guyana, with respective EV-BWF values of 386%, 356% & 316%. Regarding the socioeconomic impact, when transforming the EVP-SRPS-LAC into minimum wages, a global growth of 139% was observed; from 200,000 (1998) to 478,000 (2018) annual minimum wages (AMW). Mexico displayed the highest growth while the largest AMW-contribution across years, with 172,587 AMW, an AA increase of 7243 MW and a grand total MW-contribution (GTMWC) of 3,624,307 MW across years. Our methodological approach demonstrate that the SRPS-LAC are an eco-friendly while sustainable option in the face of climate change. However, this sustainability is not homogeneous throughout the study region; further studies must address this type of environmental impact by the SRPS-LAC in a regionalized fashion within the LAC-region; it is certainly a pending assignment. According to our results, it is fundamental to generate transformation and revaluation strategies based on a circular bio-economy perspective, to better understand how these various SRPS products and services benefit the environment, the producer and his family.