There is a growing demand to equip Smart Water Networks (SWN) with advanced sensing and computation capabilities in order to detect anomalies and apply autonomous event-triggered control. Cyber-Physical Systems (CPSs) have emerged as an important research area capable of intelligently sensing the state of SWN and reacting autonomously in scenarios of unexpected crisis development. Through computational algorithms, CPSs can integrate physical components of SWN, such as sensors and actuators, and provide technological frameworks for data analytics, pertinent decision making, and control. The development of CPSs in SWN requires the collaboration of diverse scientific disciplines such as civil, hydraulics, electronics, environment, computer science, optimization, communication, and control theory. For efficient and successful deployment of CPS in SWN, there is a need for a common methodology in terms of design approaches that can involve various scientific disciplines. This paper reviews the state of the art, challenges, and opportunities for CPSs, that could be explored to design the intelligent sensing, communication, and control capabilities of CPS for SWN. In addition, we look at the challenges and solutions in developing a computational framework from the perspectives of machine learning, optimization, and control theory for SWN.