Manufacturing simulation has been used as a decision support tool to solve various problems in production systems. However, with the advent of Industry 4.0 and CPS, manufacturing simulation becomes not only a tool for supporting decision-making but also essential for operation, monitoring, and forecasting the production system. In this paper, a traditional approach and a CPS-based approach in manufacturing simulation are compared. In the CPS-based approach, the key processes are divided into 1) data gathering, 2) modeling and simulation, and 3) simulation results analytics and feedback. In addition, a SWOT analysis is conducted to discuss the future application of the manufacturing simulation.