Colin Nathaniel Scott, 23, from Portland, Oregon, strayed off a designated boardwalk in the Norris Geyser Basin area of the natural wonder on Tuesday, where water temperatures can reach 93C (200F).
Authorities have been unable to retrieve the body and the search was called off on Wednesday "due to the extreme nature and futility of it all".
The Norris Geyser Basin is the hottest and most dynamic thermal area in Yellowstone.
Park spokeswoman, Charissa Reid, said: "They were able to recover a few personal effects. There were no remains left to recover.
"It's very fragile rock and can be thin as a skiff of ice."
Scott was with his sister at the time and may have walked up to 200 metres from the tourist paths.
Tuesday's horrific incident comes on the heels of several other high-profile incidents at the park.
On Saturday, a 13-year-old boy was burned around his ankle and foot after his father, who had been carrying him, slipped in the park's Upper Geyser Basin hot spring.
In May, a Canadian film crew was accused of leaving an established boardwalk and stepping onto a geothermal feature where they snapped photos and took video of themselves.
Also last month, park authorities revealed they had to put down a bison calf after a Canadian tourist put it in his car boot because he thought it looked cold.
The calf was rejected its herd due to contact with people.
In April, park officials warned people against approaching wildlife in the park after a woman was caught on video petting a bison.
Since 1870, 19 people have died in similar incidents in Yellowstone Park which was visited by four million people last year.