The prospect of establishing permanent human settlements on Mars has emerged as an audacious vision to simultaneously expand the frontiers of human civilization and defuse escalating planetary crises on Earth. This conceptual study critically investigates the multifaceted challenges and possibilities associated with creating artificially engineered, self-sustaining Martian habitats. A comprehensive literature review synthesizes prior research across disciplines including space architecture, systems engineering, extraterrestrial psychology, ethics, and governance theory. The analysis integrates findings from case studies, computational models, and thought experiments to assess the feasibility of sustaining human life on Mars utilizing in-situ resources. While substantial advances are required to overcome daunting technical obstacles and social dynamics, this study illuminates potential pathways toward transforming the colonization of Mars from speculative fiction into reality in a manner that uplifts humanistic values. Insights generated can inform policy directions and future research agendas to steer this ambitious venture toward the greatest societal benefits.