A similar-looking species, also known by the common name "reindeer lichen", is Cladonia rangiferina.

Cladonia portentosa forms compact interwoven mats up to 6 cm tall.

The branching is at a larger angle than that of Cladonia rangiferina.

[2] As of July 2021, its conservation status has not been estimated by the IUCN.

In Iceland, its conservation status is denoted as data deficient (DD).