In order to promote the performance of task scheduling in the embedded real-time operation system for new generation smart electricity meter, this paper presents a kind of dynamic priority task scheduling method. In this method, the tasks built in the smart electricity meter are divided into two types of tasks, including the period tasks and the event-happened tasks. Among the event-happened tasks, the earliest deadline first schedule is devoted to allocate the priority of tasks. At the same time, in order to make the lower priority of tasks get response during the task schedule, the task compensation scheduling strategy is adopted to ensure that each task can be executed in time. Finally, case analysis demonstrates the effectiveness of the proposed method, which lays a foundation for the application of real-time task processing of a new generation of the smart electricity meter.