A data collection method performed by a collector for communicating with a master station by using DLMS protocol, includes: obtaining a collected-data item identifier from the master station, where the collected-data item identifier indicates a collected data item that needs to be reported to the master station in an event reporting manner; obtaining from a smart meter, to-be-reported data corresponding to the collected-data item identifier; generating a DLMS extension event packet, where the DLMS extension event packet includes a data attribute item and the to-be-reported data, and the data attribute item is used to identify a type of the to-be-reported data; and sending the DLMS extension event packet to the master station. Therefore, message exchange between the master station and the collector and occupied resources can be reduced, and data collection performance can be improved.