This article studies the fault-tolerant leader-following consensus problem for multiagent systems with input saturation. The main contribution is to present a modified low-and-high gain feedback approach to deal with multiple actuator faults, including partial loss of effectiveness, outage, and stuck simultaneously. First, without consideration of saturation, a distributed fault-tolerant control scheme is put forward by the adaptive technique, and a practical finite-time stability result is established. Second, by employing the fault-tolerant theory and introducing a novel form of parametric algebraic Riccati equation, a modified low-and-high gain feedback approach is developed for the saturated control strategy. It is proven that the practical finite-time stability can be achieved, and both the steady-state consensus error and the settling time can be well estimated. Finally, numerical simulations are provided to validate the effectiveness of the theoretical results.