A metering device address management method performed by a collection terminal, includes: sending a first signal to a target metering device to instruct the target metering device to respond to an address protocol packet, and sending a second signal to remaining metering devices that are other than the target metering device and that are connected to the collection terminal to instruct the remaining metering devices not to respond to the address protocol packet; and broadcasting the address protocol packet, where the address protocol packet is used to query or set a physical address of the target metering device. Then the target metering device responds, according to the first signal, to the address protocol packet broadcast. Therefore, the collection terminal can automatically set and query the physical address of the metering device, to resolve a problem of manually configuring the physical address of the metering device.