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This paper deals with the problem of fault estimation and fault-tolerant control for Takagi-Sugeno (T-S) fuzzy stochastic systems with sensor failures, where the system under consideration contains Itô-type stochastic disturbances. A new robust observer technique is presented to obtain the estimates of the system states and the sensor faults simultaneously, and a fuzzy fault-tolerant control scheme is developed to guarantee the closed-loop system to be exponentially stable in mean square. Sufficient conditions are obtained for the existence of admissible controllers, and it is shown that the reachability of the sliding-mode dynamics can be guaranteed under the proposed control techniques. Finally, a numerical example is provided to illustrate the effectiveness and applicability of the theoretic results obtained.