We calculate a number of observables related to particle-antiparticle mixing and the branching ratios for the most interesting rare and CP-violating K and B decays in the Standard Model (SM3) extended by a fourth generation of quarks and leptons (SM4). A model-independent parameterisation of these observables in terms of gauge-independent functions is adopted, which is useful for studying the breaking of the universality between K, Bd and Bs systems through non-minimal flavour violating interactions. We calculate first the mass differences Delta M_i in the neutral K and B system, the mixing-induced CP asymmetries S_{psi K_S}, S_{psi phi}, S_{phi K_S}, S_{eta' K_S} and epsilon_K. Subsequently, a detailed analysis of K^+ -> pi^+ nu nu, K_L -> pi^0 nu nu, B_{s,d} -> mu^+ mu^-, B -> X_{s,d} nu nu, K_L -> pi^0 l^+ l^-, B -> X_s gamma and B -> X_{s,d} l^+ l^- is presented, and also epsilon'/epsilon is considered. For some of these observables the departures from SM3 predictions can still be spectacular. We discuss how the new mixing parameters (3 angles, 2 CP phases) can be determined using the flavour observables in question. We identify the different hierarchical structures in the SM4 flavour mixing matrix, allowed by phenomenological and theoretical constraints, and define the corresponding generalised Wolfenstein expansion. Most importantly, we show how the characteristic patterns of correlations among the considered flavour observables allow to distinguish this New Physics scenario from supersymmetric flavour models, the Littlest Higgs model with T-parity and the Randall-Sundrum model with custodial protection.