The study by British and Swedish researchers analysed DNA samples from 300 specimens of woolly mammoths collected by themselves and other groups in earlier studies.
Scientists, led by Dr Love Dalen of the Swedish Museum of Natural History, found that the species nearly went extinct 120,000 years ago when the world warmed up for a while.
They believe their numbers dropped from several million to tens of thousands, but recovered as the planet entered another Ice Age.
The study also found that the decline that led to the mammoth's eventual extinction began 20,000 years ago when the Ice Age was at its height, rather than 14,000 years ago when the world began to warm again as previously thought.
As the Ice Age ended, the grassland on which the creatures thrived was probably replaced by forests in the south and tundra in the north, speeding up the decline of the species, 'BBC News' reported.
The cause of extinction of the woolly mammoth has been hotly debated. Some have argued that humans hunted them to extinction while others have said that changes in the climate was the main reason.
Critics of the climate extinction theory have argued that the world warmed well before the creatures became extinct and so that could not have been the cause.
Also, other animals, including humans, became more active after the Ice Age and so competition with other species and hunting may also have been a factor in their extinction, though not the principle cause, according to Professor Adrian Lister of the Natural History Museum London.
The research has been published in the Proceedings of the Royal Society B.
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