Different locations and types of faults affect the safe and reliable operation of DC microgrids. Therefore, this paper proposes a secondary multiple fault-tolerant control scheme for a DC microgrid based on a sliding mode observer to ensure the voltage is restored to the rated value and realize the proportional current sharing of all sources. Firstly, the secondary control model of the DC microgrid is established, considering the multiple faults of actuators and sensors simultaneously. Secondly, the system model is transformed into two subsystems by bilinear coordinate transformation, and multiple faults decoupling between the sensor and actuator is realized. Then, two sliding mode observers are designed for the two transformed subsystems. The sliding mode variable structure equivalent principle is used to reconstruct the faults at different positions without knowing the fault models in advance, which is convenient for subsequent processing. Then, the fault-tolerant controller based on the sliding mode observer is designed, which uses the reconstructed value to offset the influence of sensor and actuator faults on the DC microgrid and realizes the fault-tolerant control of the DC microgrid. Finally, the effectiveness of the proposed control strategy is verified by experiments.