We introduce a multiplicity Tutte polynomial M(x,y), which generalizes the ordinary one and has applications to zonotopes and toric arrangements. We prove that M(x,y) satisfies a deletion-restriction recurrence and has positive coefficients. The characteristic polynomial and the Poincaré polynomial of a toric arrangement are shown to be specializations of the associated polynomial M(x,y), likewise the corresponding polynomials for a hyperplane arrangement are specializations of the ordinary Tutte polynomial. Furthermore, M(1,y) is the Hilbert series of the related discrete Dahmen-Micchelli space, while M(x,1) computes the volume and the number of integral points of the associated zonotope.