Meaning of SHIFU:
A Chinese term for a master or teacher. The character 師 means “teacher”. The meaning of 傅 is “tutor” and of 父 “father”, both characters are read fu with the same tones in Cantonese and Mandarin, creating some ambiguity. A similar term often used in the Mandarin north is 老師 lǎo shī (Cantonese lou5 si1). Contextually, it is used in a familial manner as a child addressing a parent by the description "father", rather than a self referenced title seen in modern slang useage. It is also commonly used in a martial arts context to denote an instructional relationship.
In mainland China, shifu is a common respectful form to address all professions where knowledge or skill is exchanged, such as school teachers, drivers, cooks, house decorators, and many elders of old trades and arts, with a large amount of experience, such as paintings and calligraphy.
In modern slang, people use the word so as to, superficially, build up a better guanxi with others, in particular those with whom they are not familiar, not dissimilar from the western terms 'boss' and 'guv'nor'.
Traditionally, in Chinese martial arts, the term was used as a familial term and sign of respect as in the general useage.
The term takes on a more intimate context when a student becomes a formal student or disciple of the teacher. The acceptance as a student is a very formal event, usually requiring a discipleship ceremony called bai shi. After the ceremony, the relationship is defined as a more direct parent/child context and usage takes on this term rather than a generic sign of respect for skill and knowledge.
Taken from Wikipedia.