In a magnetic recording and reproducing apparatus, a reproduced output (V2) obtained from a magnetic tape (3) by means of a rotary head (2) mounted within a drum is current-amplified (6), and a low frequency component thereof is suppressed (11). The reproduced output is thereafter voltage-amplified (12A) and then transmitted outside of the drum via a rotary transformer (12B). The suppression of the low frequency component is compensated by de-emphasis means (12C) arranged outside of the drum. A number of equalising circuits (15A to 15F) may receive an output of the de-emphasis means (12C), the equalising circuits being so arranged as to equalise a higher frequency component of the output in an order of frequencies of the equalising circuits that increases in accordance with the proximity of the equalising circuits to a terminating resistance (R10).