Shopping for a new smoke alarm? Stop. Don't even go to the store until you know exactly which smoke alarm you want. I know the ins and outs of smoke and CO alarms, and I'm still overwhelmed by the selection at home improvement stores.
If you prefer this advice in video format, here's that:
Get Photoelectric
There are two types of smoke alarm sensors, ionization and photoelectric. I'll make this very easy for you; only buy smoke alarms with photoelectric sensors. Skip the ionization alarms, and skip the dual-sensor alarms. Check out my old blog post from 2013 for more information on this topic; nothing has changed. Photoelectric smoke alarms are all you need.
Photoelectric smoke alarms say "photoelectric" proudly on the packaging. Ionization alarms don't. This eliminates a lot of the products out there. I blacked out all of the ionization alarms, dual-sensor alarms, and carbon monoxide alarms (I think). That leaves very few options at this particular retail display, which includes CO/smoke alarm combination units.
Isn't that easier? And now for your next option.
Smoke/CO combination, or just smoke alarm?
If you're installing your smoke alarm in the hallway outside of the bedrooms, it makes sense to get a smoke/CO combination alarm. I've heard people complain that combination alarms are no good because carbon monoxide alarms are supposed to be installed low to the ground, but that's not true. CO alarms work just fine when installed high on the wall or on the ceiling.
I've also heard people complain that CO alarms only have a shelf life of 5-7 years, but newer ones are good for a full 10 years, just like smoke alarms. So no worry there either.
Hardwired or battery?
If your existing smoke alarm is hardwired, it should be replaced with a hardwired unit. If your smoke alarms are original to the home, the date of construction should help to tell you what type you have. Here's a handy timeline produced by the Minnesota Department of Public Safety that explains what was required when. Click on the image for a pdf version.