In this paper, a position sensorless drive and online parameter estimation method for surface-mounted PMSM based on adaptive full-state feedback current control is proposed. The position sensorless drive is established by the detection of the back-EMF in the γδ synchronous reference frame, which is effective at the medium-speed and high-speed range. Besides, accurate estimation of the winding resistance, the stator inductance and the flux linkage of the PM is achieved independently. Compared with the traditional recursive-least-square (RLS) methods, the proposed parameter identification method can be easily implemented because of the significantly reduced execution time. With the help of the parameter identification, the precise position estimation can be achieved by the proposed sensorless control method regardless of the parameter variation during the operation. The stability of the proposed method is proved by the Lyapunov-function method. Finally, the effectiveness of the proposed method is validated by the simulation and experimental results.