The “Metaverse” is evaluated as having significant potential in a “Smart city” design and operation. Despite growing interest, there is still a lack of comprehensive quantitative analysis on the “Metaverse”, particularly in the context of smart cities. This study conducts a bibliometric analysis of 604 articles selected from the “WoS” database and employs three dimensions of technology, people, and institutions as a balanced perspective on smart cities, providing a comprehensive understanding of research trends on the “Metaverse” in the context of smart cities. This study identifies the “Metaverse” as a Virtual reality technology, popular since 2021, and provides information on the active years, countries, fields, journals, authors, and institutions involved in “Metaverse” research on smart cities. This study also identifies three stages of research development as follows: Stage 1 (2007–2013) to Stage 2 (2014–2020) and Stage 3 (2021–20 October 2023), revealing the research focus evolution from basic “urban planning” to complex “urban governance” and “Smart city” construction with consideration of multi-stakeholders’ perspectives. Additionally, this study reveals that “Metaverse” research studies on the “technology” dimension have consistently outnumbered that on “institutions” and “people” across all stages in the “Smart city” domain. These findings address current theoretical gaps and offer a foundation for future research.