As an important data acquisition device in intelligent distribution network, smart electricity meters undertake the important tasks of raw energy data acquisition, measurement and transmission. Improving the reliability of smart electricity meters is very crucial for the power sector to realize information integration, analysis and optimization and information presentation. Reasonable selection of maintenance cycle of smart electricity meters has great influence on improving its reliability. In this paper, taking three major failures of smart electricity meters, namely clock error, battery under-voltage and event record anomaly as examples, the reliability life of smart electricity meter consortium is analyzed by using hybrid Weibull distribution, and the minimum maintenance cost cycle is selected based on the maintenance cost. Practical examples show that the proposed method can provide an analysis basis for the maintenance and replacement of smart electricity meters, improve the reliability of smart electricity meters, and save manpower and material resources.