Abstract:Location Intelligence (LI), the science of transforming location-centric geospatial data into actionable knowledge, has become a cornerstone of modern spatial decision-making. The rapid evolution of Geospatial Representation Learning is fundamentally reshaping LI development 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 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 era. This work offers a thorough exploration of the field and providing a roadmap for further innovation in LI. The summary of the up-to-date paper list can be found in https://github.com/CityMind-Lab/Awesome-Location-Intelligence and will undergo continuous updates.