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Interleaved converters use an increased number of power electronics switches; this may subsequently affect their reliability. However, this is an opportunity to develop fault-tolerant strategies to improve their reliability and to ensure continuity of service. This is why we herein propose, for the first time, a mathematical function to simultaneously model the healthy and faulty conditions of each switch, thus enabling a unique model of the system. This model is then used in an original fault-tolerant strategy based upon the peak current control with slope compensation. This method not only extends the stable range of the load variation but also ensures the stability in faulty conditions. Finally, the simulation results validate its effectiveness and confirm the theoretical analysis.