In the last decade, huge progress in experimentally measuring and theoretically understanding flavor physics has been achieved. In particular, the accuracy in the determination of the CKM elements has been greatly improved, and a large number of flavor changing neutral current processes, involving b → d, b → s and c → u transitions, and of CP violating asymmetries, have been measured. No evidence for new physics has been established. Consequently, strong constraints on new physics at high scale apply. In particular, the flavor structure of new physics at the TeV scale is strongly constrained. We review these constraints and we discuss the future prospects to better understand the flavor structure of physics beyond the Standard Model.