Single cell oil (SCO) is an attractive alternative source of oils, since it can be used as feedstock in biofuel production and also have been recognized as viable option in production of essential fatty acids suitable for either human nutrition or as supplementary in animal feeds. However, the usability of SCO is limited due to the high price of raw materials used in the fermentation process. This problem can be tackled by using low-cost agro-industrial residues which are applicable for SCO production. Use of these by-products as the main carbon source in fermentations not only significantly reduces the overall production costs of SCO, but also enables treatment of generated waste streams, thus reducing the negative impact on environment. Since various biodegradable agro-industrial by-products can be used in microbial fermentations, this review aims to categorize and compare applicable agricultural residues by their availability, necessary pre-fermentation treatments, SCO yields and current usability in other competing sectors.