The invention provides a mobile Internet-based smart ammeter comprising a smart ammeter and a data exchange, wherein the data exchanger comprises a power supply unit, an ECU, a data exchange unit, a communication unit, a remote server and a mobile terminal; the mobile terminal is capable of communicating with the communication unit so as to perform data exchange with a data exchange unit of the data exchanger. The mobile terminal can communicate with the remote server through the mobile Internet to realize data exchange. A method of operating the smart ammeter is also provided. Via the smart ammeter of the invention, the smart ammeter can be monitored in real time by the mobile Internet; an on-line fee payment function, a fault monitoring function and an early warning function can be fulfilled; the mobile Internet-based smart ammeter is high in intelligentization, high in convenience of use, low in cost and high in efficiency.