With the maturity of the smart meter embedded system integration mode, the power consumption information can be fed back to the management center by the intelligent terminal through the power Internet of Things. The smart terminal adopts the narrowband data communication mode. However, the narrowband channel interval is hindered by interference signals, resulting in serious data packet loss. Therefore, a stable and efficient acquisition scheme is needed to ensure its smooth interaction. Based on the application of smart meter data communication, we analyze the power consumption optimization and carrier transmission optimization of the power Internet of Things and propose a data analysis method based on self-learning and external characteristics, which is used to calculate the offline execution strategy of smart meters when they encounter factors such as power outage or intrusion. A production task-driving rule is designed. The external characteristics of deep learning data of the power Internet of Things are collected. The accuracy of data classification is judged according to the parallel Internet of Things of a convolutional neural network and a long-term and short-term memory deep neural network. When dealing with high-dimensional original data, the data network is graded to reduce the work of feature selection and the difficulty of training. Moreover, we improve the autonomous execution ability of an embedded terminal device in an offline state. We also strengthen the ability of abnormal data detection and judgment learning to meet the requirements of efficient and stable operation of the power grid. Simulation results verify that compared with the current mainstream schemes, the performance of the proposed scheme is improved by more than 17%. Besides, the fault tolerance rate is enhanced by 29%, and the power consumption after optimization is reduced by 26.3% and 42.8%. These effects highlight the role of data processing in embedded systems. It solves the problem of abnormal data and energy loss affecting the accuracy of error estimation of electric energy meters, opens up a new way for data acquisition and processing of large-scale smart meters, and further improves the service level of information management of power systems.