The Median Tectonic Line active fault zone (MTLAFZ) extends for about 190 km through Shikoku, southwest Japan. Though the MTLAFZ is the most significant onshore active tectonic feature in southwest Japan, its late Quaternary slip rate has been estimated at only a few locations with reasonable references and ages. Better information on this feature's recent slip rates is critical to understanding the ongoing tectonic processes in the region and evaluating the seismic risk of this fault zone. In this paper, new estimates of the late Quaternary slip rate are reported from the Ikeda and Chichio faults in the central portion of the MTLAFZ. The author mapped late Pleistocene fluvial terrace surfaces and used tephrochronology and radiocarbon dating to constrain the age, and measured offset of terrace risers. The slip vectors of both faults are similar, as derived from piercing points on the bottoms of the terrace risers. The vertical component of displacement is 2–6% of the horizontal component. Long-term slip rates during the late Quaternary were calculated at 7.8–9.1 mm/yr, which is more precise than those in the previous studies and represents the highest slip rate in the MTLAFZ. This rate is also much faster than previously reported shorter-term slip rates of geodetic study. The long-term seismic risk of large earthquakes (>M8) along the Ikeda and Chichio faults in the next 30 years are evaluated to be more than 0.4–1.9% and 0.1–3%, respectively, much higher than a previous estimate of 0–0.3%.