Accurate detection and timely treatment of component defects in substations is an important measure to ensure the safe operation of power systems. In this study, taking substation meters as an example, a dataset of common meter defects, such as a fuzzy or damaged dial on the meter and broken meter housing, is constructed from the images of manual inspection in power systems. There are several challenges involved in accurately detecting defects in substation meter images, such as the complex background, different meter sizes and large differences in the shapes of meter defects. Therefore, this paper proposes the PHAM-YOLO (Parallel Hybrid Attention Mechanism You Only Look Once) network for automatic detection of substation meter defects. In order to make the network pay attention to the key areas against the complex background of the meter defect images and the differences between different defect features, a Parallel Hybrid Attention Mechanism (PHAM) module is designed and added to the backbone of YOLOv5. PHAM integration of local and non-local correlation information can highlight these differences while remaining focused on the meter defect features. To improve the expressive ability of the feature map, a Spatial Pyramid Pooling Fast (SPPF) module is introduced, which pools the input feature map using a continuous fixed convolution kernel, fusing the feature maps of different receptive fields. Bounding box regression (BBR) is the key way to determine object positioning performance in defect detection. EIOU (Efficient Intersection over Union) is, therefore, introduced as a boundary loss function to solve the ambiguity of the CIOU (Complete Intersection Over Union) loss function, making the BBR regression more accurate. The experimental results show that the Average Precision Mean (mAP), Precision (P) and Recall (R) of the proposed PHAM-YOLO network in the dataset are 78.3%, 78.3%, and 79.9%, respectively, with mAP being improved by 2.7% compared to the original model and higher than SSD, Fast R-CNN, etc.