The present invention relates to a failure simulation smart electric meter for a three-phase supply. The failure simulation smart electric meter is internally provided with a fault simulation running program, a plurality of fault modules are preset in the fault simulation running program, and when the fault modules are run, software faults corresponding to the fault modules are simulated to occur. The failure simulation smart electric meter is also provided with a fault simulation control device, and the fault simulation control device is connected with a hardware module and changes wiring of the hardware module to enable corresponding hardware faults of the hardware module to occur. An electrical test simulator based on the above failure simulation smart electric meter is also provided. The failure simulation smart electric meter can simulate and realize power grid operation incidents, and simulates electric meter typical faults and power grid harmonic tests and the like. When the electric meter fails on site, learners can rapidly and accurately handle the faults of the electric meter and provide systematic and complete fault reports, thereby providing vast practical evidences on electric meter application extension and technical researches for provincial electric power companies and electric meter manufacturers.