A helical scan type video signal recording and reproducing apparatus comprises a rotary body mounted with a pair of rotary magnetic heads at positions having an angular separation of approximately 180.degree. on a rotational plane of the rotary body so that the pair of rotary magnetic heads have mutually different height positions along an axial direction of the rotary body, a mechanism for intermittently transporting a magnetic tape which is wrapped obliquely around a peripheral surface of the rotary drum for a predetermined angular range, and a circuit for successively recording and reproducing while the magnetic tape is stationary video signals each amounting to one field on and from a pair of successive tracks by the pair of rotary magnetic heads in time lapse recording and reproducing modes.