Maned Wolves favour tall grasslands, shrub habitats, woodland with an open canopy (cerrado), and wet fields (which may be seasonally flooded). Some evidence indicates that they may prefer areas with low to medium shrub density (Bestelmeyer 2000). Maned Wolves are also seen in lands under cultivation for agriculture and pasture. Daytime resting areas include gallery forests (Dietz 1984), cerrado and marshy areas near rivers (Bestelmeyer 2000; F. Rodrigues unpubl.). There is some evidence that they can utilize cultivated land for hunting and resting (A. Jácomo and L. Silveira, unpubl.), but additional studies are essential in order to quantify how well the species tolerates intensive agricultural activity.

Omnivorous, consuming principally fruits and small- to medium-sized vertebrates. Numerous authors (Dietz 1984; Carvalho and Vasconcellos 1995; Motta-Júnior et al. 1996; Azevedo and Gastal 1997; Motta-Júnior 1997; Rodrigues et al. 1998; Jácomo 1999; Santos 1999; Silveira 1999; Juarez and Marinho 2002; F. Rodrigues unpubl.) have investigated the diet of the Maned Wolf. These studies have all found a wide variety of plant and animal material in the diet, with about 50% of the diet comprising plant material and 50% animal matter. The fruit Solanum lycocarpum grows throughout much of the range and is a primary food source; other important items include small mammals (Caviidae, Muridae, Echimydae) and armadillos, other fruits (Annonaceae, Myrtaceae, Palmae, Bromeliaceae and others), birds (Tinamidae, Emberizidae and others), reptiles and arthropods. Although the frequency of plant and animal items found in faecal samples is approximately equal, the biomass of animal items is usually greater than that of plant items (Motta-Júnior et al. 1996; Santos 1999; F. Rodrigues unpubl.). Certain items, such as rodents and Solanum, are consumed year round, but the diet varies with food availability. At least occasionally, pampas deer (Ozotoceros bezoarticus) are also consumed (Bestelmeyer and Westbrook 1998). In Jácomo's (1999) study, deer appeared in 2.4% of 1,673 samples analysed.