Biologists have long sought to understand the impacts of deleterious genetic variation on fitness and population viability. However, our understanding of these effects in the wild is incomplete, in part due to the rarity of sufficient genetic and demographic data needed to measure their impact. The genomics revolution is promising a potential solution by predicting the fitness effects of deleterious genetic variants (genetic load) bioinformatically from genome sequences alone, bypassing the need for costly demographic data. After a historical perspective on the theoretical and empirical basis of our understanding of the dynamics and fitness effects of deleterious genetic variation, we evaluate the potential for these new genomic measures of genetic load to predict population viability. We argue that current genomic analyses alone cannot reliably predict the effects of deleterious genetic variation on population growth, because these depend on demographic, ecological, and genetic parameters that need more than just genome sequence data to be measured. Thus, while purely genomic analyses of genetic load promise to improve our understanding of the composition of the genetic load, they are currently of little use for evaluating population viability. Demographic data and ecological context remain crucial to our understanding of the consequences of deleterious genetic variation for population fitness. However, when combined with such demographic and ecological data, genomic information can offer important insights into genetic variation and inbreeding that are crucial for conservation decision making.