As humanity sets its sights on establishing a sustainable and prosperous colony on Mars, the main challenges to be overcome are ensuring a reliable and nutritious food supply for settlers, feedstock for 3D printing, fuel and pharmaceuticals. While various solutions for production of essential products on Mars have been proposed, there is growing interest in the use of microorganisms as the main production units. This scientific review article proposes a novel concept of using single cell oil (SCO) as a versatile feedstock for various applications in a bioregenerative life support system (BLSS) for space missions. The authors suggest using outputs from autotrophic systems, such as cyanobacteria biomass and oxygen, to cultivate SCO-producing microorganisms from the class Labyrinthulomycetes. The produced SCO can be used for food, fuel, 3D printing materials, and pharmaceuticals. This approach can potentially reduce the importance of carbohydrates in space foods, offering various benefits, including a reduction in food weight, simpler, lightweight, more compact bioreactors, launch cost reduction, potentially improved mental and cognitive performance, and reduced fatigue for the crew. The authors also suggest using SCO as the feedstock for the production of 3D printable filaments and resins and as a supplementary fuel source for space colonies. While the concept is hypothetical, the theoretical foundation is solid, and this approach could potentially become an important element required for the establishment of a successful Mars colony.