Human motion modeling traditionally separates motion generation and estimation into distinct tasks with specialized models. Motion generation models focus on creating diverse, realistic motions from inputs like text, audio, or keyframes, while motion estimation models aim to reconstruct accurate motion trajectories from observations like videos. Despite sharing underlying representations of temporal dynamics and kinematics, this separation limits knowledge transfer between tasks and requires maintaining separate models. We present GENMO, a unified Generalist Model for Human Motion that bridges motion estimation and generation in a single framework. Our key insight is to reformulate motion estimation as constrained motion generation, where the output motion must precisely satisfy observed conditioning signals. Leveraging the synergy between regression and diffusion, GENMO achieves accurate global motion estimation while enabling diverse motion generation. We also introduce an estimation-guided training objective that exploits in-the-wild videos with 2D annotations and text descriptions to enhance generative diversity. Furthermore, our novel architecture handles variable-length motions and mixed multimodal conditions (text, audio, video) at different time intervals, offering flexible control. This unified approach creates synergistic benefits: generative priors improve estimated motions under challenging conditions like occlusions, while diverse video data enhances generation capabilities. Extensive experiments demonstrate GENMO's effectiveness as a generalist framework that successfully handles multiple human motion tasks within a single model.