In megacities, Internet of Things (IoT) based smart transportation is an effective solution to dealing with traffic congestions. Resilience evaluation of traffic networks can help enhance the management of IoT-based smart transportation. Currently, most of the research work on resilience evaluation is devoted to a single type of traffic network. However, in reality, urban traffic networks are complex, and various types of traffic networks are often highly interrelated and need to be evaluated concurrently. To address the above problem, this paper proposed a method for resilience evaluation of urban bus-subway traffic networks for potential applications in IoT-based smart transportation in megacities. The essential idea behind the proposed method is to combine the urban bus network with the subway network and present a model of an urban bus-subway hybrid traffic network, rather than a single type of traffic network. In the proposed method, (1) an urban bus-subway hybrid traffic networks model is established; (2) four metrics such as the degree centrality and clustering coefficient are used to identify vital nodes in the hybrid traffic network; and (3) four indicators such as the network efficiency and sensitivity are used to analyze the network resilience. The effectiveness of the proposed method is verified by the application of urban bus-subway hybrid traffic networks in Beijing. The proposed method can be potentially applied to optimize the resource allocation of important nodes in an urban hybrid traffic network, which is of great interest for enhancing the management of IoT-based smart transportation in megacities.