There is provided a method and a system for detecting and mitigating a propeller failure condition. An actual value of a rotational speed of the propeller and/or of a pitch angle of blades of the propeller is obtained. In response to determining that the speed is below a reference rotational speed for the propeller and/or determining that the pitch angle is above a pitch angle threshold, an actuator operatively connected to the blades is commanded to decrease the pitch angle to increase the speed towards the reference speed. After commanding of the actuator to decrease the pitch angle, a subsequent value of the speed and/or a subsequent value of the pitch angle is obtained. The actuator is commanded to hold the pitch angle in response to determining that the speed has failed to increase towards the reference speed and/or determining that the pitch angle has failed to decrease.