The useful life of smart electricity meters (SEMs) was improved from 8 years to 16 years, and the operation and maintenance planning of SEMs that are to expire in service in the near future has become a hot and difficult issue. Reliability evaluation model was established based on Weibull distribution using left and right censored data collected in two years, the parameters were estimated using the maximum likelihood estimation, the confidence bounds of model parameters were computed according to Fisher information matrix, and the confidence limits of reliability, MTBF, failure rate, and reliability life were given. For electricity meter replacement, reliability life was employed to characterize the useful life of SEMs, some suggestions on replacement decision-making methods and prolong service lifetime determination methods were given, and engineering example was employed to verify the effectiveness of the methods. The research results have reference value to the optimization of electricity meter operation and maintenance strategies.