“Macarena.” Known the world over, for better or worse. That actually is a pretty good suggestion and might be the thread winner thus far.
Lou’s a good answer for this. Also Steve Earle: He’s got tons of songs and everybody and their mother knows Copperhead Road, but only Steve Earle fans know any others.
Ahhh.
As I think about it, people in Nashville and points south may all be familiar with Steve Earle’s Guitar Town, as well. So that’s 2 songs.
Nevermind…
I don’t know the latter, but I of course know the former.
But I can name and hum a different one of theirs, since Timothy Dalton is my all-time favorite James Bond and so I know they did The Living Daylights.
I just listened to Copperhead Road, and I’m drawing a complete blank. I don’t think I’ve ever heard it before or, if I had, it was just relegated to the background.
Life During Wartime. One of my favorite songs and MTV videos. ‘This ain’t no party, this ain’t no disco, this ain’t no fooling around.’
“Stay Up Late”
Manfred Mann’s Earth Band - Blinded By The Light (Springsteen cover)
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Reading your mention I thought that I surely MUST remember The Living Daylights. Went onto YouTube but… I must have heard it previously but I still don’t find it memorable.
However continuing onto Wiki and I was reminded of Hunting High and Low. Once reminded I do recall the chorus of that so I am up to three A-Ha songs!
TCMF-2L
I know them better for Davy’s On The Road Again plus they did a cover of The Mighty Quinn.
TCMF-2L
Our very own Cecil Adams says they’re as much well known for their cover of Dylan’s “Mighty Quinn.”
(Cecil, hilariously IMHO, deals with the broader and narrower definitions of the band later in the article – but you’ll need to use the broader definition to contend with other entries in this thread.)
ETA: Ninja’d – but I did add the link to the Perfect Master. 
Is there a more well known song in this thread?
Hammer meet nail. Yep. And the thing is Rush is/was amazing live.
I would say Spirt of the Radio or Limelight are among their top 5 songs.
No love for “I Feel Love”?
But they’re not a known band. Everyone knows “Macarena”, but almost no one knows who performed it.
Ah, important distinction. Good point. That would take Los Del Rio (and probably several other suggestions) out of the running.
When did that become part of the question?
A strict reading of “bands [with the most material] known only for one song” does suggest that the band is known. I guess it depends on how you want to parse the question or define “known.”
What pulykamell said. It’s right in the title - “known only for one song.”
Motörhead is known for “Ace of Spades” (and for their image) but not any other songs.
Vanilla Ice is a known performer, but AFAIK, is just known for “Ice Ice Baby.”
Los del Río aren’t a household name, even though they have a song that is known worldwide.
I believe the criteria is not only being known for one song, but also having a significant body of other work to back it up but which is relatively unknown.
John Otway ‘Really Free’ - I don’t know if this even crossed the atlantic, but if you were of a certain age and were familiar with new wave and punk then you likely know it, but not a single thing on his 13 albums