The 25-year-old signed for the Cottagers from Leeds for £500,000 on Deadline Day and has played just 38 minutes since. On his debut, Smith was sent off.
Now, the target man has joined League One side Bristol City on loan until January 15th.
"I've been looking for another striker able to take the weight off Aaron Wilbraham," boss Steve Cotterill told Bristol City's official website.
"We can't expect Aaron to play every game, week in, week out, especially with our progress in the cup competitions and subsequent midweek matches.
"We're pleased to have secured Matt's services until the end of January. He's a good lad, a powerful forward and someone who can share the load up front."
And the news has prompted plenty of reaction from both Leeds United and Fulham fans.
Leeds supporters have plenty of sympathy for the 25-year-old, who was promised a new contract before being sold to the west London side. Fulham supporters, meanwhile, seem split into two camps: those that question Felix Magath's initial signing of the striker - and those who feel current manager Kit Symons should give the forward more of a chance.
Here is a sample of what both sets of fans are saying on Twitter...
Spare a thought for Matt Smith? To go from new improved contract at #lufc to end up at Bristol City. Footballs a cruel business!— Van White (@Fernaticalg) November 27, 2014
Matt Smith gone to Bristol City? Worked out well for you big man! #Lufc— mark jackson (@markyj71) November 27, 2014
Never understood the need to sign Matt Smith anyway, thought he was generally poor too. #ffc— Chris Burt (@ChrisBurt13) November 27, 2014
Matt Smith hasn't been given a chance by kit atall , useful option he is not using - big shame in my opinion #ffc— Lloyd Symons (@lloydt1) November 27, 2014