In the context of the rapid development of power IoT, the application of edge computing technology has become the key to improving the level of grid intelligence and enhancing the data processing capability. This paper initially designs the edge computing system for electric power IoT based on the edge computing model. Key-edge computing technologies are combined to process and analyze power IoT data in real-time. Simulation experiments have formed and verified an intelligent security monitoring system for electric power IoT using the LightGBM algorithm. The training convergence speed and effectiveness of this paper’s scheme are better than Stroj’s scheme, and this paper’s scheme can increase the security of power IoT data through key generation and filter de-duplication. This paper’s nodes have an average synchronization time of 9.25 ms. The 128MB data node has an upload time of 57143ms. The data sharing time is about 292~7489 ms faster than the comparison scheme, and in the data search phase, the time overhead of this paper’s scheme is less than the comparison scheme. In summary, this paper’s constructed security monitoring system can offer robust technical support for the advancement of intelligent, efficient, and omnipotent power in the Internet of Things.