Abstract: This paper first reviews the advancements in dam construction and development in hydraulic engineering, and summarizes the conceptualization of digital dam and its related research achievements. Then, we present an interpretation of the difference between the two concepts of digital dam and smart dam, based on a brief discussion on several disadvantages of digital dam, including insufficient depth in intelligent analysis of massive data and relatively low fusing level of site monitoring, simulation analysis and intelligent control. Smart dam is a new concept that is based on the digital dam conceptualization but emphasizes a specific form of dam development, i.e. adoption of new-generation information technologies as a basic means, such as Internet of things, intellectual technology, cloud computing, and big data. This concept also means a specific intelligent system of dam management and operation that is dynamic, refined, and perceivable in analysis and control. Besides, a smart dam often has distinctive features such as integrity, interoperability, fusion-expansibility, autonomy, and robustness. Third, we describe a basic framework of smart dams in detail, including a real-time information perception module, an interconnected real-time transmission module, an intelligent real-time analysis module, and an intelligent real-time management decision system, focusing on analysis of the progress and superiority of smart dams over digital dams in independent information collection, smart reconstruction analysis, intelligent decision, and integrated visualization. Finally, we explore key directions of smart dam research in fundamental theory, key technology, and management and operation system.