The ability to transform location-centric geospatial data into meaningful computational representations has become fundamental to modern spatial analysis and decision-making. Geospatial Representation Learning (GRL), the process of automatically extracting latent structures and semantic patterns from geographic data, is undergoing a profound transformation through two successive technological revolutions: the deep learning breakthrough and the emerging large language model (LLM) paradigm. While deep neural networks (DNNs) have demonstrated remarkable success in automated feature extraction from structured and semi-structured geospatial data (e.g., satellite imagery, GPS trajectories), the recent integration of LLMs introduces transformative capabilities for cross-modal geospatial reasoning and unstructured geo-textual data processing. This survey presents a comprehensive review of geospatial representation learning across both technological eras, organizing them into a structured taxonomy based on the complete pipeline comprising: (1) data perspective, (2) methodological perspective, and (3) application perspective. We also highlight current advancements, discuss existing limitations, and propose potential future research directions in the LLM and foundation model era. This work offers a thorough exploration of the field and provides a roadmap for further innovation in GRL. The summary of the up-to-date paper list can be found in https://github.com/CityMind-Lab/Awesome-Geospatial-Representation-Learning and will undergo continuous updates.