A color video signal dubbing system comprises a reproducing apparatus and a recording apparatus. The recorded signal is a multiplexed signal of a frequency-modulated luminance signal obtained as the result that a luminance signal separated from the color video signal frequency-modulates a carrier wave to occupy a predetermined frequency band and a frequency-converted carrier chrominance signal obtained by frequency-converting a carrier chrominance signal having a color burst signal which is separated from the color video signal to a band lower than that of the predetermined frequency band. The reproducing apparatus comprises a separation circuit for separating the signal reproduced by the reproducing apparatus into the frequency-modulated luminance signal and the frequency-converted carrier chrominance signal, a level adjusting circuit for adjusting the level of the frequency-converted carrier chrominance signal separated by the separation circuit so that the color burst signal is held to a constant level, a frequency characteristic compensation circuit for compensating for the degradation in the frequency characteristic of the frequency-modulated luminance signal, introduced upon recording and reproducing processes of the frequency-modulated luminance signal separated by the separation circuit, amplitude limiting circuit for limiting the amplitude of the output frequency-modulated luminance signal of the frequency characteristic compensation circuit, and a mixing circuit for mixing the output frequency-modulated luminance signal of the frequency characteristic compensation circuit with the output frequency-converted carrier chrominance signal of the level adjusting means.