The Internet of Things (IoT) plays an indispensable role in present-day household electricity management. Nevertheless, practical development of cost-effective intelligent condition monitoring, protection, and control techniques for household distribution systems is still a challenging task. This paper is taking one step forward into a practical implementation of such techniques by developing an IoT Smart Household Distribution Board (ISHDB) to monitor and control various household smart appliances. The main function of the developed ISHDB is collecting and storing voltage, current, and power data and presenting them in a user-friendly way. The performance of the developed system is investigated under various residential electrical loads of different energy consumption profiles. In this regard, an Arduino-based working prototype is employed to gather the collected data into the ThingSpeak cloud through a Wi-Fi medium. Blynk mobile application is also implemented to facilitate real-time monitoring by individual consumers. Microprocessor technology is adopted to automate the process, and reduce hardware size and cost. Experimental results show that the developed system can be used effectively for real-time home energy management. It can also be used to detect any abnormal performance of the electrical appliances in real-time through monitoring their individual current and voltage waveforms. A comparison of the developed system and other existing techniques reveals the superiority of the proposed method in terms of the implementation cost and execution time.