The voltage front-end sampling circuit and the current front-end sampling circuit for smart meters with total electric energy metering fuction are two independent channels, so there exist extra phase error because of the different attenuation characteristics of the two channels. The extra phase error can be effectively reduced by the phase compensation technology under fundamental power frequency condition. However, the phase compensation based on fundamental power frequency can result in phase over compensation for the high order harmonic component, which will result in the effect on total electric energy metering accuracy. This paper will conduct an error analysis from the aspects of total electric energy metering algorithm and the phase compensation technology, and then the model for the total electric energy metering error which caused by phase compensation based on fundamental power frequency will be built. The quantitative analysis for total electric energy metering error caused by phase compensation will be taken from the simulation by MATLAB.