Electric torque wrenches play a critical role in the assembly process of high‐strength bolts. This study focuses on three assembly processes for high‐strength bolts and introduces two statistical analysis methods to evaluate the quality of bolt assembly. To improve performance, a novel fully digital electric torque wrench, integrated with a smart meter chip, is designed. This wrench achieves integration between the current sensor control method and the torque sensor control method through a simplified hardware circuit, ensuring high precision and stability. Moreover, the AC voltage self‐stabilization method and Savitzky–Golay filtering method are employed in this study to enhance the accuracy and robustness of the wrench. Simulation experiments using Simulink and Matlab validate the effectiveness of these two methods. Additionally, a cloud platform is utilized to facilitate seamless connectivity and data transmission, enabling rapid Internet of Things access for the wrench.