Both status and progress in smart water metering (SWM) implementations in five selected countries (i.e., United States of America, United Kingdom, Australia, Israel, and South Korea) are investigated in this study. Despite the countless benefits of SWM implementation, the diffusion of the SWM technologies has been slow due to various challenges, including the absence of compulsory water policies, the lack of support from customers and expertise, and weak cost–benefit analysis. Over the past 30 years, the aforementioned countries have transitioned from a fixed charging to a volumetric charging regime composed of traditional water meters and SWM. Both the status and progress of SWM implementation are quite different among countries, although governments across the world have been applying water policies responding to water scarcity, population growth, and water demand management. However, the absence of strong water policies and political support for SWM implementation resulted in the slow and retarded spread of SWM implementation. Although several changes in water policies have occurred since 1990, there is no compulsory law for SWM implementation. Between 1995 and 2010, pilot/trial cases for SWM were dominant. After 2010, the number of SWM implementation kept increasing and all countries experienced more concentrated SWM implementation, despite the variances in both endpoints and completion of SWM implementation depending on water policies (i.e., acts and regulations) encouraging SWM implementations. The global market for SWM has consistently grown to USD 5.92 billion in 2020. Finally, the application of favourable water policies to optimize the use of water resources and to promote sustainable development is expected to drive the SWM market further.