Magnetic coupled wireless power transfer (WPT) technology has significant research and application value in special scenarios such as underwater charging, biomedical applications, and conductive slip rings for satellite. Traditional contact-based satellite conductive slip rings face issues like short circuits caused by the accumulation of conductive particles. The contactless nature of WPT systems can replace conductive slip rings to resolve this issue. To ensure that the satellite circuits can perform properly, it is critical to address power electronics failures within the WPT system itself. Therefore, designing WPT systems with fault diagnosis and fault-tolerant control functions is crucial for the large-scale application of WPT technology and represents the future development trend. This paper briefly explains the causes and types of faults in WPT systems. Using the LCC-S resonant topology as the research object, a fault dictionary is established based on the fault dictionary method for potential faults in the WPT system with LCC-S compensation. A fault-tolerant control scheme is designed for the more severe faults. Finally, a WPT experimental platform with an output power of 2.0 kW is built. The system efficiency reaches 91.0% without fault tolerance protection and 88.4% with fault tolerance protection.