A Fault Tolerant Control System (FTCS) model subject to random faults and saturation in actuators is developed. Actuators are assumed to have non-linear saturation characteristics, they operate linearly within their limits and saturate to fixed levels if any limit is exceeded. This paper derives sufficient conditions for the exponential stability in the mean square for a FTCS with saturated actuators using Lyapunov’s second method. Sufficient conditions involve the solution of Riccati-like matrix equations. An algorithm to investigate the stability of the FTCS is constructed. Stability of other control models driven by actuators with saturation can be established as interesting special cases of this work. Theoretical results are illustrated by a numerical example.