The increasing emphasis on system safety and reliability has heightened the demand for fault-tolerant ability of control systems. Fault-tolerant cooperative control (FTCC) is one of the safety issues in multi-agent systems (MASs). This paper studies the leader-following consensus control of MASs in the presence of actuator and sensor faults. A unified framework of active FTCC is proposed under a dynamic event-triggered mechanism (DETM) by employing the virtual actuator and virtual sensor approach. The proposed DETM serves to reduce the communication cost among agents. The FTCC issue is formulated by linear matrix inequalities (LMIs) and can be implemented in a distributed architecture. Without the need of re-tuning the pre-designed observer-based controller, the FTCC exhibits a notable efficiency for fault compensation and plant reconfiguration. Numerical simulations demonstrate the validity of the proposed methods.