Smart meters represent a pivotal advancement inenergy management, offering numerous benefits to consumers and utility providers. This report provides an overview of smart meters, their functionalities, advantages, challenges, and broader implications for the energy industry. A smart meter is an advanced device that accurately measures electricity consumption. It's better than traditional meters, providing efficient tracking and insights into energy usage habits. Upgrade to a smart meter to make informed decisions and save money on electricity bills. These devices are a vital component of smart grid technology, which aims to enhance energy distribution and consumption efficiency, reliability, and sustainability. Modern technologies, such as the Internet of Things (IoT), have many applications in the energy sector. IoT can help to improve energy efficiency, increase the utilization of renewable energy sources, and reduce the environmental impact of energy use. It can achieve these goals in energy supply, transmission, distribution, and demand. This paper reviews the literature on IoT in energy metering systems and its essential components, functionality, and advantages over conventional metering systems.