As the complexity of interior permanent magnet synchronous motor (IPMSM) applications in drive control systems increases, ensuring their safe and reliable operation has become a research focus. However, current sensors as key components in motor drive system subject to various faults. Fault diagnosis and fault-tolerant control for current sensors are crucial to maintain system stability and reliability during sensor faults to ensure the safe operation of PMSM drive control systems. A fault diagnosis method based on offset coordinate system analysis is proposed in this paper, considering three fault modes of current sensors: fix, bias, and constant gain. To realize fault-tolerant control, a full-order sliding-mode observer (SMO) for IPMSM is also constructed. In the event of current sensor fault, a current error space vector reconstruction algorithm is taken to estimate three-phase current with a single current sensor, thereby achieving fault tolerance control. Finally, the effectiveness of the proposed method is verified through Matlab/Simulink simulations.