The disclosed computer-implemented method for managing encryption keys for single-sign-on applications may include (1) receiving, from an identity service, notification of a request to access encrypted data on a cloud service, the notification including a session key for encrypting and decrypting a master key for decrypting cloud service keys, (2) deriving the master key, (3) decrypting, using the master key, a cloud service key for decrypting data on the cloud service, (4) storing the master key, encrypted using the session key, (5) receiving an additional notification of an additional request to access encrypted data on an additional cloud service, the notification including the session key, (6) without again obtaining the authentication element from the user, decrypting the master key, and (7) decrypting, using the master key, an additional cloud service key for decrypting data on the additional cloud service. Various other methods, systems, and computer-readable media are also disclosed.