Abstract: The study of the life cycle cost of smart meters is of great significance for achieving the goal of improving the quality and efficiency of power enterprises. Decompose the life cycle cost of smart meters from input to disposal, calculate the maintenance cost based on the operation cycle, and use the failure rate of various components of smart meters in daily operation as the basis. Based on the research on the structure of smart meters, use GO method and Bayesian network theory to predict the failure rate of smart meters. Calculate the full life cycle cost of smart meters through cost aggregation. And combined with calculation theory for verification, providing a basis for power enterprises in the bidding and procurement of smart meters and supplier evaluation.