Smith was educated at the Burlington Friends School under John Griscom, where he acquired an interest in scientific studies.

He was an important organizer of the American Pharmaceutical Association in 1852, and convened its first meeting in Philadelphia, where he was elected the APhA's first president.

[3] Smith was an original member of the Franklin Institute, and also of the Pennsylvania Historical Society from its organization in 1825, and was its first corresponding secretary.

Throughout his life he was active in the Society of Friends (Quakers) and served a term as clerk (convenor) of the Philadelphia Quarterly Meeting.

The American Pharmacists Association continues a yearly award in the name of Daniel B. Smith for excellence in the practice of Pharmacy.