Lateral Double-diffused (LDMOS) transistors are commonly used in power management, high voltage/current, and RF circuits. Their characteristics include high breakdown voltage, low on-resistance, and compatibility with standard CMOS and BiCMOS manufacturing processes. As with other semiconductor devices, an accurate and physical compact model is critical for LDMOS-based circuit design. The goal of this research work is to advance the state-of-the-art by developing a physics-based scalable compact model of LDMOS transistors. The new model, SP-HV, is constructed from a surface-potential-based bulk MOSFET model, PSP, and a nonlinear resistor model, R3. The use of independently verified and mature sub-models leads to increased accuracy and robustness of an overall LDMOS model. Improved geometry scaling and simplified statistical modeling are other useful and practical consequences of the approach. Extensions are made to both PSP and R3 for improved modeling of LDMOS devices, and one internal node is introduced to connect the two component models. The presence of the lightly-doped drift region in LDMOS transistors causes some characteristic device effects which are usually not observed in conventional MOSFETs. These include quasi-saturation, a sharp peak in transconductance at low VD, gate capacitance exceeding oxide capacitance at positive VD, negative transcapacitances CBG and CGB at positive VD, a "double-hump" IB(VG) current and expansion effects. SP-HV models these effects accurately. It also includes a scalable self-heating model which is important to model the geometry dependence of the expansion effect. SP-HV, including its scalability, is verified extensively by comparison both to TCAD simulations and experimental data. The close agreement confirms the validity of the model structure. Circuit simulation examples are presented to demonstrate its convergence.