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Before joining the federal bench, Smith worked in both private practice and public service. He was in private practice in Arkansas from 1985 to 1987, From 1987 to 1991, Smith was a staff attorney at Ozark Legal Services. He then returned to private practice in Springdale, Arkansas from 1991 to 1994. From 1994 to 1996 he was an assistant professor at John Brown University in Siloam Springs. Smith served as a regulatory liaison with the Arkansas Governor's Office from 1996 to 1997 and then chaired the Arkansas Public Service Commission from 1997 to 1999.
On September 4, 2001, he was nominated to the United States Court of Appeals for the Eighth Circuit by President George W. Bush. He was confirmed by the United States Senate on July 15, 2002 by voice vote. He served as chief judge from 2017 to 2024. In October 2022, Smith was appointed by U.S. Supreme Court Chief Justice John Roberts to serve as the newest chair of the Judicial Conference's executive committee. His appointment took effect on October 1, 2022.