In this article, the problem of finite‐horizon state estimation is studied for a class of time‐varying complex networks with sensor faults. The phenomenon of measurement quantization is considered such that the measurements are quantized probabilistically before transmitted to the state estimator. To deal with the unknown sensor fault, a neural network is introduced to appropriate the sensor fault whose weights are updated based on estimation error and the gradient descent method. Our aim is to design state estimators so that the state estimation errors are finite‐time bounded. First, sufficient conditions are established to ensure the existence of the desired state estimators. Then, the gains of the state estimators are derived in terms of the solutions to a set of recursive matrix inequalities. Finally, the usefulness of our estimation approach is confirmed by an illustrative example.