In this paper, an indirect filtering fault‐tolerant control method is proposed for interconnected time‐delay systems with multiple sensor and actuator faults. As is well known, directly utilizing the state information obtained from sensors with faults to constrain the actual state poses great challenges. This article utilizes conservative sensor fault loss information to indirectly apply time‐varying asymmetric constraints to the actual state while ensuring compliance with fault state constraints. In addition, the conservatism requirement of the initial state is reduced by utilizing carefully constructed delay constraint functions. To solve the problem of “explosion of complexity,” the derivative of the output signal of the filter is used to replace the derivative of the virtual control rate. The Nussbaum function can effectively alleviate the impact of multiple actuator failures and unknown control directions on the system. The effectiveness of the proposed control strategy is verified through simulation examples.