Smith was the offspring of a political family. His father, Joe L. Smith, served eight terms in the U.S. House of Representatives, from 1929 to 1944, and founded Beckley's first radio station, WJLS, in 1939. Hulett Smith attended public schools in Raleigh County, and graduated with honors from the University of Pennsylvania's Wharton School of Finance and Administration, where he majored in economics. Following his graduation from the Wharton School, Smith worked in the insurance business and at his family's radio station. During World War II he served in the U.S. Navy, rising to the rank of lieutenant, and ultimately became a lieutenant commander in the U.S. Naval Reserve. He was a licensed private pilot, and in 1947, Gov. Clarence Meadows appointed him to the state aeronautics agency, on which he served for 12 years. From 1956 to 1961, he chaired the state Democratic Executive Committee, and he became the first commissioner of the West Virginia Department of Commerce, where he served from 1961 to 1963. After leaving public office in 1969, Smith returned to work at the Home Insurance Agency, becoming president of the company. He also took on the duties as secretary-treasurer of two Beckley-area hospitals. In retirement, Smith became an outspoken advocate for the environment.