A magnetic property detection apparatus that detects magnetic properties of a magnetic material included in a paper sheet transported through a transport path includes a magnet unit that generates a magnetic field that is perpendicular to a direction of transport of the paper sheet in the transport path and parallel to a transport surface of the paper sheet, of which magnetic field intensity decreases as the paper sheet is being transported in the transport direction, and after the magnetic field intensity has reached 0 (zero), the magnetic field intensity increases with the magnetic field being directed in a reverse direction; and a plurality of magnetic sensors arranged in the magnetic field generated by the magnet unit at locations at which the magnetic field intensity are mutually different, and that detect the magnetic properties of the paper sheet being transported through the transport path. The magnetic properties of the magnetic material included in the paper sheet are detected based on output signals of the plurality of magnetic sensors acquired when the magnetic material is detected.