The invention discloses a current space vector error projection correction-based fault-tolerant method for a current sensor of a position sensorless driving system, and relates to the field of motor control, and aims to solve the problem that in an existing vector control technology of a permanent magnet synchronous motor, a sensor is required to collect a signal to guarantee reliable driving of the permanent magnet synchronous motor, but once the sensor breaks down, the permanent magnet synchronous motor cannot normally run, so that the reliability is poor. An estimated speed and estimated position information of the permanent magnet synchronous motor are obtained; when a certain phase current sensor breaks down, a current error reconstruction link is used for obtaining a current space vector error according to a phase current error, and projecting the error to obtain a reconstructed phase current error; according to the reconstructed phase current error, the phase current error, theestimated speed, an alpha-axis voltage and a beta-axis voltage, an estimated alpha-axis current value and an estimated beta-axis current value are obtained; and performing closed-loop control on the permanent magnet synchronous motor by using values obtained after conversion of the estimated values. The method is used for correcting a phase current to control the motor.