With the rapid development of the Internet of Things (IoT), wearable devices have become ubiquitous and interconnected in daily lives. Because wearable devices collect, transmit, and monitor humans’ physiological signals, data privacy should be a concern, as well as fully protected, throughout the whole process. However, the existing privacy protection methods are insufficient. In this paper, we propose a practical privacy-preserving mechanism for physiological signals collected by intelligent wearable devices. In the data acquisition and transmission stage, we employed existing asymmetry encryption-based methods. In the data publishing stage, we proposed a new model based on the combination and optimization of k-anonymity and differential privacy. An entropy-based personalized k-anonymity algorithm is proposed to improve the performance on processing the static and long-term data. Moreover, we use the symmetry of differential privacy and propose the temporal differential privacy mechanism for real-time data to suppress the privacy leakage while updating data. It is proved theoretically that the combination of the two algorithms is reasonable. Finally, we use smart bracelets as an example to verify the performance of our mechanism. The experiment results show that personalized k-anonymity improves up to 6.25% in terms of security index compared with traditional k-anonymity, and the grouping results are more centralized. Moreover, temporal differential privacy effectively reduces the amount of information exposed, which protects the privacy of IoT-based users.