Depth estimation plays a great potential role in obstacle avoidance and navigation for further Mars exploration missions. Compared to traditional stereo matching, learning-based stereo depth estimation provides a data-driven approach to infer dense and precise depth maps from stereo image pairs. However, these methods always suffer performance degradation in environments with sparse textures and lacking geometric constraints, such as the unstructured terrain of Mars. To address these challenges, we propose M3Depth, a depth estimation model tailored for Mars rovers. Considering the sparse and smooth texture of Martian terrain, which is primarily composed of low-frequency features, our model incorporates a convolutional kernel based on wavelet transform that effectively captures low-frequency response and expands the receptive field. Additionally, we introduce a consistency loss that explicitly models the complementary relationship between depth map and surface normal map, utilizing the surface normal as a geometric constraint to enhance the accuracy of depth estimation. Besides, a pixel-wise refinement module with mutual boosting mechanism is designed to iteratively refine both depth and surface normal predictions. Experimental results on synthetic Mars datasets with depth annotations show that M3Depth achieves a 16% improvement in depth estimation accuracy compared to other state-of-the-art methods in depth estimation. Furthermore, the model demonstrates strong applicability in real-world Martian scenarios, offering a promising solution for future Mars exploration missions.