In this paper, a method of fault estimation and fault tolerant control for networked control system (NCS) with transfer delay and process noise is presented. First, the networked control system is modeled as a multiple-input-multiple-output (MIMO) discrete-time system with transfer delays, process noise, and model uncertainties. Under this model and under some conditions, a fault estimation method is proposed to estimate the system faults. On the basis of the information on fault estimation and the sliding mode control theory, a fault tolerant controller is designed to recover the system performance. Finally, simulation results are used to verify the efficiency of the method.