In BDS-3 B1 band, a unique single-sideband complex binary offset carrier (SCBOC) modulation type was introduced as a multi-frequency multiplexing technique to achieve the backward compatibility with the traditional B1I BPSK(2) modulated signal. However, the SCBOC should have the ability to participate in the pseudorange measurement like other BOC-class subcarriers instead of just being regarded as a transparent multiplexing tool. In addition, since the SCBOC(14,2) modulated signal has a high-frequency subcarrier, it may contain the ultra-high-performance ranging potential, which is very valuable and worthy of attention. Therefore, this paper first analyses the ranging potential and tracking challenges of the SCBOC(14,2) modulated signal, and then proposes an example solution to explore the ultra-high-precision ranging potential of the BDS-3 B1 signal. Real experimental results using live BDS-3 signals verified the correctness and effectiveness of the proposed algorithm. For BDS receiver designers who are interested in the high-precision ranging, this paper can provide great guidance and reference.