A mathematical model for the relationship between the populations of giant pandas and two kinds of bamboo is established. We use the impulsive perturbations to take into account the effect of a sudden collapse of bamboo as a food source. We show that this system is uniformly bounded. Using the Floquet theory and comparison techniques of impulsive equations, we find conditions for the local and global stabilities of the giant panda-free periodic solution. Moreover, we obtain sufficient conditions for the system to be permanent. The results provide a theoretical basis for giant panda habitat protection.