The integration of improved control techniques with advanced information technologies enables the rapid development of smart grids. The necessity of having an efficient, reliable, and flexible communication infrastructure is achieved by enabling real-time data exchange between numerous intelligent and traditional electrical grid elements. The performance and efficiency of the power grid are enhanced with the incorporation of communication networks, intelligent automation, advanced sensors, and information technologies. Although smart grid technologies bring about valuable economic, social, and environmental benefits, testing the combination of heterogeneous and co-existing Cyber-Physical-Smart Grids (CP-SGs) with conventional technologies presents many challenges. The examination for both hardware and software components of the Smart Grid (SG) system is essential prior to the deployment in real-time systems. This can take place by developing a prototype to mimic the real operational circumstances with adequate configurations and precision. Therefore, it is essential to summarize state-of-the-art technologies of industrial control system testbeds and evaluate new technologies and vulnerabilities with the motivation of stimulating discoveries and designs. In this paper, a comprehensive review of the advancement of CP-SGs with their corresponding testbeds including diverse testing paradigms has been performed. In particular, we broadly discuss CP-SG testbed architectures along with the associated functions and main vulnerabilities. The testbed requirements, constraints, and applications are also discussed. Finally, the trends and future research directions are highlighted and specified.