The gravitational wave observations GW150914 and GW151226 by Advanced LIGO provide the first opportunity to learn about physics in the extreme gravity environment of coalescing binary black holes. The LIGO Scientific Collaboration and the Virgo Collaboration have verified that this observation is consistent with Einstein’s theory of general relativity, constraining the presence of certain parametric anomalies in the signal. This paper expands their analysis to a larger class of anomalies, highlighting the inferences that can be drawn on nonstandard theoretical physics mechanisms that could otherwise have affected the observed signals. We find that these gravitational wave events constrain a plethora of mechanisms associated with the generation and propagation of gravitational waves, including the activation of scalar fields, gravitational leakage into large extra dimensions, the variability of Newton’s constant, the speed of gravity, a modified dispersion relation, gravitational Lorentz violation and the strong equivalence principle. Though other observations limit many of these mechanisms already, GW150914 and GW151226 are unique in that they are direct probes of dynamical strong-field gravity and of gravitational wave propagation. We also show that GW150914 constrains inferred properties of exotic compact object alternatives to Kerr black holes. We argue, however, that the true potential for GW150914 to both rule out exotic objects and constrain physics beyond general relat