The aberrant transcription factor EWS-FLI1 drives Ewing sarcoma, but its molecular function is not completely understood. We find that EWS-FLI1 reprograms gene regulatory circuits in Ewing sarcoma by directly inducing or repressing enhancers. At GGAA repeat elements, which lack evolutionary conservation and regulatory potential in other cell types, EWS-FLI1 multimers induce chromatin opening and create de novo enhancers that physically interact with target promoters. Conversely, EWS-FLI1 inactivates conserved enhancers containing canonical ETS motifs by displacing wild-type ETS transcription factors. These divergent chromatin-remodeling patterns repress tumor suppressors and mesenchymal lineage regulators while activating oncogenes and potential therapeutic targets, such as the kinase VRK1. Our findings demonstrate how EWS-FLI1 establishes an oncogenic regulatory program governing both tumor survival and differentiation. Display omitted •A single aberrant transcription factor directly activates or represses enhancers•Chromatin remodeling at enhancer elements is dictated by the underlying DNA sequence•EWS-FLI1 displays divergent patterns of chromatin remodeler recruitment•De novo enhancers mediate tumor dependencies Using integrated analyses of chromatin states in human Ewing sarcoma, Riggi et al. find that the EWS-FLI1 fusion protein drives an oncogenic regulatory program governing both survival and differentiation by either creating enhancers de novo or competing with endogenous ETS to repress conserved enhancers.