An intermodulation distortion reducing circuit for a frequency-modulated signal comprises a sinusoidal wave shaping circuit supplied with an input frequency-modulated signal including an intermodulation distortion component, for shaping the waveform of the input frequency-modulated signal into a waveform closely approximating a sinusoidal wave, and a mean DC level detecting circuit supplied with an output signal of the sinusoidal wave shaping circuit, for detecting a mean DC level of the output signal of the sinusoidal wave shaping circuit and producing a detection output. The sinusoidal wave shaping circuit is supplied with the detection output of the mean DC level detecting circuit and a waveform shaping quantity thereof is varied to obtain the waveform closely approximating the sinusoidal waveform. The sinusoidal wave shaping circuit produces a frequency-modulated signal having a waveform closely approximating a sinusoidal waveform, with its intermodulation distortion component reduced.