A method and an Internet of Things system for determining a gas compensation scheme based on smart gas are provided. The method includes: determining, based on a planned gas supply quantity of a gas supplier, a predicted gas supply quantity for a future preset time period; predicting a gas demand quantity for the future preset time period based on a gas usage quantity of a historical user; predicting a gas supply deviation rate of the gas supplier based on a gas pipeline design map, weather information for the future preset time period, and the gas demand quantity; determining a gas supply quantity for the future preset time period based on the predicted gas supply quantity and the gas supply deviation rate; determining a gas gap for the future preset time period based on the gas supply quantity and the gas demand quantity; and determining the gas compensation scheme.