Quality and reliability metrics play an important role in the evaluation of the state of a system during the development and testing phases, and serve as tools to optimize the testing process or to define the exit or acceptance criteria of the system. This study provides a consolidated view on the available quality and reliability metrics applicable to Internet of Things (IoT) systems, as no comprehensive study has provided such a view specific to these systems. The quality and reliability metrics categorized and discussed in this paper are divided into three categories: metrics assessing the quality of an IoT system or service, metrics for assessing the effectiveness of the testing process, and metrics that can be universally applied in both cases. In the discussion, recommendations of proper usage of discussed metrics in a testing process are then given.