Single cell oil is considered as a promising alternative to fish and vegetable oils. Due to the ability of oleaginous microorganisms to produce significant amounts of polyunsaturated fatty acids such as docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA), single cell oil can be used for human and animal consumption. In this context, marine microorganisms of the class Labyrinthulomycetes are particularly highlighted in scientific literature. In order to clarify the possibilities for the use of microorganisms of the class Labyrinthulomycetes in large-scale single cell oil production, the first step is to gain awareness of the cultivation conditions required for these microorganisms. In addition, to reduce the cost of single cell oil production, it is necessary to identify potential agroindustrial waste products that are suitable for microbiological cultivation of Labyrinthulomycetes. This article examines the potential biotechnological applications of Labyrinthulomycetes in single cell oil production, the cultivation conditions, nutritional requirements, inhibitors and suitable waste products. In addition, an agroindustrial by-product availability analysis has been carried out. The article evaluates agroindustrial by-products based on their availability in Latvia, required pre-treatment, price, shelf life and efficiency.