* Nur einmal lebt man: This is a literal translation, meaning "One only lives once." It's grammatically correct but quite formal.
* Man lebt nur einmal: A slightly more natural word order than the above. Still formal.
* YOLO (often written in all caps) – This English abbreviation is often understood in German, especially amongst younger generations. It's not a "translation," but it's widely used.
* Lebe dein Leben! ("Live your life!") This is a more active and encouraging expression.
The best choice depends heavily on the context and your target audience. For informal situations with younger people, "YOLO" might be fine. For more formal situations, "Man lebt nur einmal" or "Nur einmal lebt man" would be more appropriate, although still not a perfect equivalent.