diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index cb7539e0b..ea9509bf9 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -16,6 +16,7 @@ import datetime
 import inspect
 import types
 from decimal import Decimal
+from django.contrib.contenttypes.generic import GenericForeignKey
 from django.core.paginator import Page
 from django.db import models
 from django.forms import widgets
@@ -943,6 +944,8 @@ class ModelSerializer(Serializer):
 
         # Forward m2m relations
         for field in meta.many_to_many + meta.virtual_fields:
+            if isinstance(field, GenericForeignKey):
+                continue
             if field.name in attrs:
                 m2m_data[field.name] = attrs.pop(field.name)
 
@@ -952,17 +955,15 @@ class ModelSerializer(Serializer):
             if isinstance(self.fields.get(field_name, None), Serializer):
                 nested_forward_relations[field_name] = attrs[field_name]
 
-        # Update an existing instance...
-        if instance is not None:
-            for key, val in attrs.items():
-                try:
-                    setattr(instance, key, val)
-                except ValueError:
-                    self._errors[key] = self.error_messages['required']
+        # Create an empty instance of the model
+        if instance is None:
+            instance = self.opts.model()
 
-        # ...or create a new instance
-        else:
-            instance = self.opts.model(**attrs)
+        for key, val in attrs.items():
+            try:
+                setattr(instance, key, val)
+            except ValueError:
+                self._errors[key] = self.error_messages['required']
 
         # Any relations that cannot be set until we've
         # saved the model get hidden away on these
diff --git a/rest_framework/tests/test_genericrelations.py b/rest_framework/tests/test_genericrelations.py
index fa09c9e6c..46a2d863f 100644
--- a/rest_framework/tests/test_genericrelations.py
+++ b/rest_framework/tests/test_genericrelations.py
@@ -131,3 +131,21 @@ class TestGenericRelations(TestCase):
         }
         ]
         self.assertEqual(serializer.data, expected)
+
+    def test_restore_object_generic_fk(self):
+        """
+        Ensure an object with a generic foreign key can be restored.
+        """
+
+        class TagSerializer(serializers.ModelSerializer):
+            class Meta:
+                model = Tag
+                exclude = ('content_type', 'object_id')
+
+        serializer = TagSerializer()
+
+        bookmark = Bookmark(url='http://example.com')
+        attrs = {'tagged_item': bookmark, 'tag': 'example'}
+
+        tag = serializer.restore_object(attrs)
+        self.assertEqual(tag.tagged_item, bookmark)