In view of the speed sensor faults in elevating stage control system, an active fault tolerant control approach based on a novel tracking differentiator is proposed in this paper. First, the analytical redundancy relationship between the velocity and displacement signals in a dual closed loop control system is used to detect a fault. When the deviation between the differential of normal displacement sensor signal and the fault speed sensor output exceeds a certain threshold value, a fault can be considered to occur. Secondly, after a fault is detected, the output of the fault sensor is replaced immediately with the differential signal of the output from a normal sensor to ensure the safety of the postfault system. In the process of signal differential, considering the drawbacks of the traditional method which uses inertial element to approximate differentiator and complex parameter tuning of Han's Tracking Differentiator (TD), a novel tracking differentiator based on hyperbolic tangent function (Tanh-TD) is designed. Thirdly, in order to avoid the switching vibration and improve the reliability of FDD, a continuous smooth switching tactic based on exponential function is constructed. The simulation results show that the fault diagnosis method is simple and timely, the designed tracking differentiator is fast and effective, and the effect of the fault tolerant control based on smooth switching strategy is also satisfactory.