Due to the high reliability of present meters, it is difficult to obtain the failure time of meters through accelerated life tests. Based on the failure data of the accelerated life test, this paper studies the mathematical model based on the Wiener process and establishes the degradation model of the instrument by the maximum likelihood to estimate the parameters of the Wiener model. With full consideration of the possible nonlinear effects in modeling, the time scale transformation method is used to study and obtain the reliability life prediction model of smart meters based on nonlinear data. Finally, the reliability life prediction model of meters is verified and evaluated through the example data of the accelerated life test of smart meters. Compared with the conventional method, this method has less error in calculating the reliability, greatly saves test time, and has a higher accuracy than estimating the lifetime model using the Wiener process directly.