In order to solve the problems of multiple fault types and single reliability evaluation of smart watt-hour meters, this paper proposes a reliability evaluation method based on hybrid Weibull model. First of all, based on the relations between the unit series of intelligent watt-hour meter fault type classification and fault events, using the least squares estimate and the shape parameters of the scale of the fault types, each unit in combination with the median rank and the average rank computing intelligent watt-hour meter cumulative failure probability to improve model accuracy, and through the entropy weight method to calculate the fault type of the whole reliability affects weight coefficient, Therefore, the reliability evaluation method of smart watt-hour meter based on hybrid Weibull model is established. The example results show that the proposed method can accurately obtain the reliability evaluation of smart watt-hour meter under all kinds of fault types, and can accurately obtain the reliability of smart watt-hour meter unit module. Compared with the existing methods, the proposed method does not need a lot of prior knowledge, and is simple to implement and has higher accuracy.