The huge amount of power fingerprint data often has the problem of unbalanced categories and is difficult to upload by the limited data transmission rate for IoT communications. An optimized LightGBM power fingerprint extraction and identification method based on entropy features is proposed. First, the voltage and current signals were extracted on the basis of the time-domain features and V-I trajectory features, and a 56-dimensional original feature set containing six entropy features was constructed. Then, the Boruta algorithm with a light gradient boosting machine (LightGBM) as the base learner was used for feature selection of the original feature set, and a 23-dimensional optimal feature subset containing five entropy features was determined. Finally, the Optuna algorithm was used to optimize the hyperparameters of the LightGBM classifier. The classification performance of the power fingerprint identification model on imbalanced datasets was further improved by improving the loss function of the LightGBM model. The experimental results prove that the method can effectively reduce the computational complexity of feature extraction and reduce the amount of power fingerprint data transmission. It meets the recognition accuracy and efficiency requirements of a massive power fingerprint identification system.