This paper addresses the problems of fault estimation and fault-tolerant control for switched fuzzy stochastic systems with actuator fault and sensor fault. A novel observer is proposed to estimate the system states, actuator, and sensor faults, simultaneously. The proposed observer can be treated as an extension of the traditional proportional-integral observer. The estimation information is utilized to design the fault-tolerant controller. Based on the piecewise Lyapunov function and the average dwell time, a set of linear matrix inequalities can be achieved, which ensure that the closed-loop system is mean-square exponentially stable with a weighted H_∞ performance level. At last, two simulation examples are provided to illustrate the effectiveness of the proposed approach.