Abstract: China’s energy production and consumption are facing transformation, while the construction of ubiquitous power internet of things (UPIoT) is the critical step to achieve this major transformation. Starting from the profit of Internet of Things(IoT) in electric power and energy systems, the significance of profit-driven UPIoT was discussed, and the key technologies and application prospects were put forward, in which benefits were the driving force for the development of UPIoT, and economic value recovery was the key to its sustainable development. The definitions of the UPIoT in different literature were given first after analyzing the evolution from power IoT to UPIoT, and the nuclear concept of UPIoT was distilled. Accordingly, the research status and construction contents of UPIoT were discussed systematically, in which key technologies, current challenges and application prospects were included. Then, with the plan outlines by State Grid Corporation of China taken into account, the developing potentials, suggestions and economic value recovery models for further advances of UPIoTwere discussed. Finally, some future research directions, especially the potential role of UPIoT in efficient use of renewable energy sources and increase revenues were envisaged.