The global electroweak fit of the Standard Model (SM) with Gfitter can be used to constrain yet unknown SM parameters, such as the Higgs mass, but also physics beyond the SM (BSM) via the formalism of oblique parameters. This paper presents updated results of the Gfitter SM fit using the latest available electroweak precision measurements and the recent combination of direct Higgs searches at the Tevatron. In addition, newly obtained constraints on BSM models, such as models with extra dimensions, little Higgs and a fourth fermion generation, are presented. While a light Higgs mass is preferred by the fit in the SM, significantly larger Higgs masses are allowed in these new physics models.