By facilitating services and applications such as virtual reality, smart manufacturing, intelligent transportation, and healthcare, the future of technology aims to enhance the quality of life. Existing systems are struggling to meet the diverse performance requirements of these applications (e.g., personalised satisfactory experience measurements, delay, and stability). Recently, the theory of digital twins has been proposed to satisfy the demands of emergent applications. The concept of Digital Twin (DT) enables intelligent programmes through the integration of virtual representations of the physical object with technologies related to security (e.g., blockchain), wireless communications (e.g., 6G), technological advances in computation (e.g., edge computing), and artificial intelligence (AI). In this manner, DT-inspired Physical-Virtual Space Network (PVSN) is an innovative network that helps to develop virtual replicas of real-world objects. In this manner, PVSN enables the co-evolution of virtual and physical spaces. This article explores the perspective of Digital Twin (DT) technology through a detailed survey of the PVSN. The article is started by outlining PVSN’s fundamental characteristics and definitions and the essential technologies with technical obstacles related to PVSN are discussed. In addition, the typical application scenarios are illustrated, which include aviation, manufacturing, 6G networks, healthcare, urban intelligence in smart cities, and intelligent transportation systems. Finally, recent developments and unexplored research concerns about PVSN are highlighted.