This article is concerned with observer-based fault estimation (FE) and tolerant controller design for a series of discrete-time Takagi–Sugeno (T–S) fuzzy stochastic systems. There exist multiple time-varying state delays, intermittent sensor and actuator faults, nonlinear dynamics, and exogenous disturbances in the systems. Compared with the results of the existence, this approach suggested in this article is more flexible and feasible. By means of the FE information, a novel fuzzy adaptive descriptor observer is developed to obtain the error dynamics. Then, an active observer-based fault-tolerant controller is designed to stabilize the closed-loop fuzzy system. Furthermore, a set of delay-dependent sufficient conditions are provided by the fuzzy Lyapunov function with the way of linear matrix inequalities (LMIs), which has less conservatism compared with the ones of the existing observers and fault-tolerant controllers. Finally, a simulation example is shown to illustrate the advantages and effectiveness of this approach depicted in this article.