Integrated Offshore Management is a future challenge for the development of sustainable growth of marine economies. The progressive increase in worldwide demands for marine-based renewable energies combined with higher market demands for aquaculture-based food requires better knowledge on marine spatial planning tools that allow optimizing the use of this space for different purposes. That is the case of energy production and aquaculture activities, in which synergistic and competitive interactions must be thoroughly analyzed at an appropriate scale. The present study proposes a specific methodology that integrates several selection criteria responding simultaneously to the needs and limitations of marine aquaculture and renewable energy production, aiming to identify opportunities for the co-location of these activities. The methodology was implemented over 25 km of the coastal fringe of four islands of the Canary Archipelago, applying a multi-criteria approach based on independent probabilistic suitability and mapping analysis (time series of 20–30 years) for: (i) wind and wave energy production potential; (ii) structural requirements for aquaculture cages and energy devices; (iii) limits for operation and maintenance activities; (iv) feasibility to transport energy to the grid; and (v) biological requirements for eight species of fish. A stepwise procedure was carried out, including: 1) suitability for wave, wind and aquaculture activities, with spatial resolution of 0.01° (0–1 probability scale); and 2) integrated co-location mapping, considering suitability for each activity. Opportunities for the co-location of wind and aquaculture farms were identified in the southeastern portion of the islands, while in Tenerife and Fuerteventura wave-wind devices co-location opportunities were identified. Thus, opportunities for marine aquaculture and renewable energy were demonstrated in the present case study applying a preliminary assessment of the potential exploitation of these resources.