Apparatus for mounting chip type circuit elements on printed circuit boards in one-by-one fashion with increased speed and precision includes a supply unit adapted to supply chip type circuit elements, a plurality of pallets conveyed in an intermittent fashion, a first shifting member adapted to shift the chip type circuit elements from the supply unit onto the pallet, an X-Y table adapted to support a printed circuit board, a mounting mechanism having mounting heads associated therewith for mounting the chip type circuit elements on the printed circuit board supported by the X-Y table and a second shifting member adapted to shift the chip type circuit elements from the pallet to the mounting heads where they are received and positively gripped for subsequent mounting onto the printed circuit board.