This paper is concerned with the stabilization problem for continuous‐time periodic piecewise time‐varying uncertain systems with time‐varying delay, actuator failures and external disturbances. Specifically, the actuator failure consists of both unknown actuator partial failure and actuator bias failure. Based on multiple threshold values, in this work, a fault‐alarm based hybrid control protocol is developed, which is used to switch between robust and reliable controllers accurately and timely by eliminating false alarms. To be precise, a set of sufficient stability criteria is established in the form of linear matrix inequalities (LMIs) by considering an appropriate Lyapunov‐Krasovskii functional with time‐varying periodic piecewise positive‐definite matrices. Furthermore, the desired time‐varying robust and reliable controller gain matrices can be reckoned based on developed LMI‐based constraints. Eventually, two numerical examples are presented, which include the mass‐spring damper systems, to show the superiority and practicability of the designed controller.