The aim of this article is an attempt to provide a more credible control mode or a fault-tolerant control strategy for permanent magnet synchronous motor (PMSM) drives when an unexpected failure occurs to the current or position sensor. Considering that, a position sensorless control method that uses only one current sensor is proposed. Different from a traditional position sensorless control scheme that utilizes additional current sensors to obtain information of multiple phase currents, only a single current sensor (SCS) arranged on one of the current branches is included among the whole control circuit. Three-phase currents are reconstructed by sequentially sampling the SCS under specific voltage vectors, and directly employed for motor position estimation. A nonlinear position observer established according to the gradient descent is adopted. Focusing on the special current-acquisition pattern in this article, a step-size optimization method based on golden section search is proposed to minimize position estimation error. The experimental results reveal that the method in this article is comparable to the traditional full-current-sensor method in terms of position estimation, which confirms the fault-tolerant capability as one certain sensor of the control structure malfunctions.