With the successful implementation of Software‐Defined Networking (SDN) in data center networking, the way forward for its deployment in the ISP/Telco network is becoming prominent. Small and medium‐sized networks may easily adopt SDN. The research on SDN deployment and implementation for a large‐scale network is continuing. This paper properly presents the current research status of Controller Placement Problem (CPP) and Multi‐CPP (MCPP) over SDN with their specific challenges and provides a comprehensive review of the major performance metrics, that is, latency, and controller load balancing techniques. This survey highlights the use of network partitioning‐based CPP and clustering approaches and their benefits in the context of SDN deployment. Moreover, this paper highlights the importance of implementing SDN and SDN security issues into ISP/Telco networks. Finally, we provide some key areas of ongoing research and discuss the future research direction regarding the various SDN‐based Controller Placement (CP) issues in the next‐generation IP and advanced networking technologies.