Abstract The globular cluster 47 Tucanae (47 Tuc) is one of the most massive star clusters in the Milky Way and is exceptionally rich in exotic stellar populations. For several decades it has been a favorite target of observers, and yet it is computationally very challenging to model because of its large number of stars (N ≳ 10⁶) and high density. Here we present detailed and self-consistent 47 Tuc models computed with the Cluster Monte Carlo code (CMC). The models include all relevant dynamical interactions coupled to stellar and binary evolution, and reproduce various observations, including the surface brightness and velocity dispersion profiles, pulsar accelerations, and numbers of compact objects. We show that the present properties of 47 Tuc are best reproduced by adopting an initial stellar mass function that is both bottom-heavy and top-light relative to standard assumptions (as in, e.g., Kroupa 2001), and an initial Elson profile (Elson et al. 1987) that is overfilling the cluster’s tidal radius. We include new prescriptions in CMC for the formation of binaries through giant star collisions and tidal captures, and we show that these mechanisms play a crucial role in the formation of neutron star binaries and millisecond pulsars in 47 Tuc; our best-fit model contains ∼50 millisecond pulsars, 70% of which are formed through giant collisions and tidal captures. Our models also suggest that 47 Tuc presently contains up to ∼200 stellar-mass black holes, ∼5 binary black holes, ∼15 low-mass X-ray binaries, and ∼300 cataclysmic variables.