A magnetic recording/reproducing apparatus is provided in which out of diametrically oppositely disposed heads, a recording head and an erasing head of a same channel are adjacently disposed to each other, the recording head is disposed so as to precede the erasing head with respect to a direction of cylinder rotation and to be behind by two tracks on a tape pattern therefrom, and when insert-editing, using a reproduced signal obtained by the recording head, erase and record timing setting and head tracking are performed and an erasing current is not applied during the reproduction by the recording head. The reproducing heads are disposed so a to be angularly apart about 90 degrees from the recording and erasing heads, and a rotary transformer for the reproduction use is applied with the shield measure and then, formed as a core independently at a upper portion of the cylinder. In addition, further narrow tracks are compatibly reproduced by the recording head.