A tray supply apparatus includes a tray magazine, a sub magazine, a supply station, and a lifting and lowering mechanism. The tray magazine can store a tray on each of a plurality of stages. The tray stores components. The sub magazine includes a plurality of conveyance mechanisms having a plurality of stages. The sub magazine is adjacent to the tray magazine and capable of taking out the tray from the tray magazine. The supply station includes a plurality of placement portions having a plurality of stages, on each of which the tray is placed, and a stage that lifts and lowers the tray between the plurality of placement portions. The supply station is disposed at a position where the components are picked up. The lifting and lowering mechanism lifts and lowers the sub magazine to convey the tray between the tray magazine and the supply station through the sub magazine.