The popularity of smart meters and the improvement of their functional complexity make their reliability problems become prominent. The reliability evaluation methods of smart meters include reliability prediction based on component stress method and reliability accelerate life testing. The study of failure mechanism can analyze the internal causes of the failure of smart meters on the micro level, so as to provide a theoretical basis for improving the quality of smart meters. On the basis of investigating and analyzing the operation status of smart meters, the current research status of reliability prediction, reliability accelerated life test and failure mechanism of smart meters were analyzed, the development status of reliability standard of smart meters was summarized, and the future development direction of reliability of smart meters was discussed.