This article proposes a tracking control strategy based on fixed‐time for uncertain nonlinear systems with prescribed performance and actuator faults. Fuzzy logic systems are used to model unknown functions with uncertainties or fuzzy parameter features. The improvement of the conventional backstepping method through the introduction of command filtering technology has effectively addressed the challenge of a sharp increase in computational complexity during controller design. Additionally, a mechanism for error compensation has been established to mitigate the potential impact of errors that may arise during the filtering process on the system. Then, a new fixed‐time performance function is introduced into the adaptive backstepping method to ensure that the tracking signal with output error converges to an arbitrarily small neighborhood within a fixed time. Additionally, in order to enhance the tracking performance of the control method, the controller algorithm incorporates fault‐tolerant control based on the fixed‐time performance function. Finally, a numerical simulation of a power system with a static reactive power compensation device is presented, and demonstrate the effectiveness and feasibility of the proposed control algorithm.