Yes, that is correct. To indicate that they are your projects, you could also say one of my current projects.
"One of the current project" would make little sense, because you would indicate that there only is one current project.
Consider the following:
I take one of the apples from the basket.
It means that there are several apples in the basket, and I take one of them. I cannot be taking one of the one apple.
When you use this in a sentence, make sure that the whole phrase is a singular:
There are some apples in the basket.
One of the apples is rotten.