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".
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A view of a hot spring at the Upper Geyser Basin at Yellowstone National Park
MLADEN ANTONOV via Getty Images
The Norris Geyser Basin is the hottest and most dynamic thermal area in Yellowstone.
"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.
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.
Yellowstone Park
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Rock formations and colorful pool (credit:David Henderson via Getty Images)
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Designated a national park in 1872, Yellowstone is the world's oldest national park. This spring, with a 370 feet diameter, is the largest hot spring in Yellowstone. The orange and yellow colouration around the edge is caused by algae and bacteria. (credit:Paul Chesley via Getty Images)
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Bison (or Buffalo) migrate out of Yellowstone National Park in winter (credit:Mmphotos via Getty Images)
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USA, Wyoming, Yellowstone NP, senior couple at Old Faithful (credit:Tom Fowlks via Getty Images)
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USA, Montana, Yellowstone National Park, Cameron, Firehole River (credit:Stewart Sutton via Getty Images)
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Yellowstone National Park, Wyoming, USA (credit:Bryce Pincham via Getty Images)
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Mountains in Yellowstone National Park (credit:John Lund/Tom Penpark via Getty Images)
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A road just across the state line in Montana, Yellowstone National Park (credit:Ed Freeman via Getty Images)
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Wild female elk hanging out in the middle of the town of Mammoth Hot Springs. (credit:by Mike Lyvers via Getty Images)
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A tail section of Grand Prismatic Spring, Yellowstone National Park, Wyoming, USA (credit:Noppawat Tom Charoensinphon via Getty Images)
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Yellowstone Lake (credit:Magdalena Marczewska via Getty Images)
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USa, Wyoming, Yellowstone National Park, Opal Pool (credit:Toyohiro Yamada via Getty Images)
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The Old Faithful geyser, in Yellowstone National Park. (credit:David Halpern via Getty Images)
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Bison on road, Yellowstone National Park, causes traffic jam. (credit:Lester Lefkowitz via Getty Images)
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Morning Glory Pool is a hot spring in the Upper Geyser Basin of Yellowstone National Park in the United States. (credit:Marco Brivio via Getty Images)
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Wooden boardwalk under blue cloudy sky (credit:Blaine Franger via Getty Images)
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Grand Prismatic Spring, Midway Geyser Basin, Yellowstone National Park, Wyoming, USA (credit:John Abbott/Visuals Unlimited, Inc. via Getty Images)
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The most spectacular waterfall in Yellowstone National park (credit:Ed Freeman via Getty Images)