An increasing interest is emerging on the development of smart grid cyber-physical system testbeds. As new communication and information technologies emerge, innovative cyber-physical system testbeds need to leverage realistic and scalable platforms. Indeed, the interdisciplinary structure of the smart grid concept compels heterogeneous testbeds with different capabilities. There is a significant need to evaluate new concepts and vulnerabilities as opposed to counting on solely simulation studies especially using hardware-in-the-loop test platforms. In this paper, we present a comprehensive survey on cyber-physical smart grid testbeds aiming to provide a taxonomy and insightful guidelines for the development as well as to identify the key features and design decisions while developing future smart grid testbeds. First, this survey provides a four step taxonomy based on smart grid domains, research goals, test platforms, and communication infrastructure. Then, we introduce an overview with a detailed discussion and an evaluation on existing testbeds from the literature. Finally, we conclude this paper with a look on future trends and developments in cyber-physical smart grid testbed research.