This paper considers the fault estimation and fault-tolerant control for a class of continuous-time dynamical systems with event-triggered communication mechanism. An internal dynamic variable is introduced into event-triggered scheme to reduce the amount of data transmission by enlarging the inter-event intervals. To enhance the reliability and safety of system, a fault/state estimation observer is adopted to estimate the injected fault signal and system state simultaneously, based on which a fault-tolerant controller is constructed to compensate the impact of actuator fault. A co-design criterion is derived to obtain the fault/state estimation observer, fault-tolerant controller and dynamic event-triggered mechanism, simultaneously. Furthermore, it is proved that the inter-event intervals of event generator are lower bounded by a positive scalar, which thus excludes Zeno phenomenon. Finally, a F-404 aircraft engine system is employed to demonstrate the effectiveness and superiority of the proposed method.