By analyzing the characteristics and specifying the reliability prediction process of smart meters, the reliability prediction software for smart meters is designed and developed in this paper. Three methods to predict the reliability of smart meters based on Telcordia SR-332, SN29500 and the combination of Telcordia SR-332 and SN29500 are provided in this software which can quickly calculate the reliability indicators including failure rate and MTTF on the component level, unit level and system level. The software consists of the data interface module, database management module, reliability prediction module, results output module and help module. The application of this software will help in shortening the development cycle and reducing the research and development cost of smart meters and will become a useful tool in achieving the reliability growth of smart meters.