Abstract: With the development of the novel power system in China, the smart electricity meter should also have communication, load control, separation between the legal measurement and non-measurement in addition to the basic energy measurement. Therefore, China’s newly revised GB/T 17215-2021 standard has fully adopted the “Active Electrical Energy Meter”（IR46） formulated by the International Organization of Legal Metrology, and stipulates the software and hardware requirements and type approval of the new smart electricity meters. Firstly, this paper discusses the demand for a new generation of smart electricity meters from the aspects of distributed energy grid-connection and novel power system. Secondly, it analyzes the differences between the new and old standard systems of electricity meters in China and IR46, compares and analyzes the main differences of metering characteristics, accuracy level of electricity meters and test items. Moreover, the hardware structure and key technology of smart electricity meter supporting IR46 standard are introduced. Finally, it describes the next research direction and application prospect of embedded smart electricity meter.