This paper proposes an architecture scheme for realizing the power equipment data acquisition IoT monitoring network using the latest Internet of Things technology. At the same time, a power equipment data acquisition and monitoring system based on Narrowband Internet of Things (NB-IoT) and exclusive-OR (XOR) encryption algorithms is designed. The system is mainly researched and designed from the aspects of monitoring terminal software and hardware design, data encryption processing, and remote data management cloud platform. This paper installs a big data analysis processor and a network routing processor based on the Internet of Things technology and modifies the system memory, display, and connection circuit to optimize the system hardware equipment. Finally, the system conducts experimental tests to monitor the state of power equipment, such as transmission and distribution towers, power manhole covers, cable tunnels, and distribution line knife gate temperature. The experimental results show that the system can realize low power consumption, comprehensive coverage, low-cost unified access, and centralized management of power equipment status information in different power scenarios. The application of this system dramatically improves the reliability and efficiency of the operation and maintenance of terminal equipment of the power system. The promotion of this system has a great application value.