What should I do if I get new release to be tested and smoke test fails right away?
Totally depends on what is documented in your process. In the process that I follow the release/build would not be accepted.
I have not failed. I've just found 10,000 ways that won't work" --Thomas Edison
Does it mean> I should send release back to developers?
No it means that you should find out what the process is in your company and follow it.
If you do not have a process, work with your team lead or manager and discuss what should be done.
Do not test further. Ask Dev team to roll back that build or raise a bug for this failure with Highest Priority and Severity.