The fault tolerant control method of displacement sensor based on coordinate transformation is studied according to a six-core radial active magnetic bearing equipped with three displacement sensors. The coordinate transformation-based actuator fault tolerant control method on the basis of current distribution matrix reconstruction is presented. The combination of these two methods derives a new fault tolerant control method of displacement sensors and actuator based on coordinate transformation. Experimental study on the new fault tolerant control method is done with a two degree of freedom active magnetic bearing test rig. The results show that the stable suspension of rotor can be achieved by using the new control method even if one displacement sensor and three coils fail at the same time.