High‐frequency (HF) square‐wave voltage injection position sensorless control method for interior permanent magnet synchronous motor (IPMSM) is widely utilised in zero and low speed range due to its good dynamic performance and easy implementation. However, this method relies on the sampling accuracy of current sensors for rotor position estimation. To overcome this restriction, an HF square‐wave voltage injection position sensorless control method for IPMSM using a single current sensor (SCS) is proposed. Firstly, the impact of current sampling errors on HF square‐wave voltage injection position sensorless control is analysed, and it is concluded that the scaling errors of current sensors will cause the estimated position to oscillate at twice the fundamental frequency. Based on this conclusion, the phase currents reconstruction technology with SCS is adopted to avoid the impact of scaling errors on rotor position estimation. To reconstruct the phase currents containing HF component, a PWM cycle is divided into two parts, sampling stage and injection stage. By this way, the impact of HF square‐wave voltage injection on current reconstruction can be avoided. Then, the rotor position estimation is realised. The experiments are performed on a 20‐kW IPMSM platform and the results verify the effectiveness of the proposed method.