This paper presents a fault-tolerant control algorithm for path and velocity tracking of an autonomous vehicle based on four-wheel independent steering, driving, and braking systems. The proposed algorithm is designed to distribute the control effort to normal actuators in the occurrence of faults. The proposed algorithm consists of three modules. The reference velocity and yaw rate to track the reference path are determined by the reference state decision module. The model predictive control (MPC)-based fault-tolerant controller determines the optimal inputs to compensate for the effect of the faulty actuator and maintain the tracking performance. A faulty-factor estimator is proposed based on a recursive covariance estimator to evaluate the performance degradation due to the failure of each actuator. The estimated faulty factors are applied to the objective function of the MPC such that the control input is distributed based on the level of the fault. The performance of the proposed algorithm was verified via performing simulations using MATLAB/Simulink and CarSim. The simulations proved that the proposed controller maintained the control performance of the normal case even in multiple actuator failures.