This article investigates the problem of fixed-time fault estimation and fault-tolerant control (FTC) for interconnected systems subject to both multiplicative and additive actuator faults. On the basis of the bilimit homogeneous theory, the proposed fault estimation observer can acquire the exact system state and fault information in a specified time, and such a time is determined by a constant upper bound, independent of the initial observation errors. Next, the prescribed performance function (PPF) is employed to impose the anticipant performance criterion on the trajectory tracking errors, for the purpose of preserving both desirable transient and steady-state responses. Afterward, we incorporate the recursive fast terminal sliding-mode technique into the active FTC (AFTC) design procedure to eliminate the influence of faults. In such a way, the fixed-time convergence property of tracking errors can be guaranteed without any restriction on the initial conditions. Finally, comparative simulation results are provided to illustrate the feasibility and superiority of the proposed strategy.