If you want to set the same value on a collection of rows, you can use the update() method combined with any query term to update all rows in one query:
some_list = ModelClass.objects.filter(some condition).values('id')
ModelClass.objects.filter(pk__in=some_list).update(foo=bar)
If you want to update a collection of rows with different values depending on some condition, you can in best case batch the updates according to values. Let's say you have 1000 rows where you want to set a column to one of X values, then you could prepare the batches beforehand and then only run X update-queries (each essentially having the form of the first example above) + the initial SELECT-query.
If every row requires a unique value there is no way to avoid one query per update. Perhaps look into other architectures like CQRS/Event sourcing if you need performance in this latter case.