This article proposes an observer-based event-driven fault-tolerant (OBEDFT) secondary control strategy for AC microgrids (MGs) to achieve load voltage regulation. First, the input-output feedback linearization method transforms the voltage regulation issue into an output feedback tracking problem for linear multiagent systems (MASs) with nonlinear dynamics. This transformation provides the necessary preprocessing for load voltage regulation. Then, an OBEDFT secondary control protocol that considers full-state immeasurability is proposed. The actuators of distributed generators (DGs) may experience partial loss of effectiveness (PLOE) and bias faults, and these fault parameters may be heterogeneous and time-varying. The protocol introduces adaptive techniques to avoid information related to fault parameters while using event-driven mechanisms to achieve discrete measurements of neighboring DG. Additionally, the protocol uses boundary layers to construct smooth controllers that prevent the chattering effect caused by nonsmooth controllers. Finally, simulation results confirm the effectiveness of this load voltage regulation strategy.