In this paper, an observer-based passive fault-tolerant control (FTC) scheme is proposed for a near-space hypersonic vehicle (NSHV) dynamical system with both parameter uncertainty and actuator faults. The parameter uncertainty is assumed to be norm-bounded, and the possible fault of each actuator is described by a variable varying within a given interval. Our aim is to design an observer-based FTC law such that, for the admissible parameter uncertainty and possible actuator faults, the resulting closed-loop system is asymptotically stable with a given disturbance attenuation level γ . The unknown gain matrices are characterized in terms of the solutions to some linear matrix inequalities (LMIs) which can be readily solved using standard software packages. The FTC scheme presented in this study is finally demonstrated via simulation on a linearized NSHV dynamical system to illustrate the effectiveness.