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The rapid integration of Information and Communication Technology (ICT) is transforming the traditional electrical grid into a Smart Grid. Smart grids enable two-way communication and improved monitoring and control between utilities and customers. However, due to its heterogeneous nature, public exposure, and weak security at low-powered devices, the smart grid has vulnerabilities to various malicious threats, adversaries, and cyber attacks, which may affect cost and service availability. Additionally, when the systems’ confidentiality, integrity, or availability are compromised, the resulting fallout can threaten national security and have cascading effects on human lives. Given the extreme consequences of an attack, smart-grid technology must be thoroughly tested for correct operation and security before it is deployed. As a result, vulnerability testing of smart grids, not only for correctness but for security purposes, has been the subject of numerous studies by academics, government agencies, and private companies. The survey identifies key cyber and physical vulnerabilities that pose significant risks to load management applications and overall grid stability. It also presents a broad spectrum of potential cyber threats and attacks targeting the grid with various mitigation techniques and spotlights simulation as the vulnerability testing methodology conducted in recent pertinent research works. Finally, we analyze the gaps in the current research, focusing on integrating cybersecurity analysis in simulation. We then recommend future research directions focused on smart grid cyber ranges.