Demographic stochasticity has a substantial influence on the growth of small populations and consequently on their extinction risk. Mating system is one of several population characteristics that may affect this. We use a stochastic pair-formation model to investigate the combined effects of mating system, sex ratio, and population size on demographic stochasticity and thus on extinction risk. Our model is designed to accommodate a continuous range of mating systems and sex ratios as well as several levels of stochasticity. We show that it is not mating system alone but combinations of mating system and sex ratio that are important in shaping the stochastic dynamics of populations. Specifically, polygyny has the potential to give a high demographic variance and to lower the stochastic population growth rate substantially, thus also shortening the time to extinction, but the outcome is highly dependent on the sex ratio. In addition, population size is shown to be important. We find a stochastic Allee effect that is amplified by polygyny. Our results demonstrate that both mating system and sex ratio must be considered in conservation planning and that appreciating the role of stochasticity is key to understanding their effects.