Neutral-point clamped (NPC) three-level grid-tied converter is the key power electronic equipment connecting renewable energy and power grid. High temperature and other factors can lead to current sensor failure, control strategy failure, output current distortion, and even lead to the disconnection of renewable energy. To maintain the normal operation of NPC three-level grid-tied converter with current sensor fault, a model predictive fault-tolerant control strategy based on space voltage vector set and fault phase current reconstruction is proposed. Firstly, the relationship between fault phase current and voltage vector is studied. After the current sensor fault, only 12 out of 27 voltage vectors were found to be able to reconstruct faulty phase currents with a DC current sensor and an AC current sensor. Model predictive current control using the set of these 12 voltage vectors, and fault phase current is directly calculated by DC current and normal phase current, which improves the fault tolerance and stability of the converter system. Finally, simulation and experimental results verified the effectiveness of the proposed method.