With the popularization and application of the national grid, malfunctions of the smart meter in use has become an attraction. Therefore, the algorithm of fault risk prediction was studied and compiled. The algorithm aims the first measurement data of smart meter. First, determined the meters with good performance according to the regulation. Then, these meters were screened by horizontal and longitudinal. Eventually, these meters were divided into four risk levels according the screening results, which can be regarded as the reference of maintenance. The algorithms were validated by millions of meters and the result satisfied the expected results in this paper, which means that the algorithms were reasonable.