A magnetic tape recording/reproducing apparatus for recording video signals on a magnetic tape without providing a guard band between each two adjacent signal tracks. The apparatus comprises a first switching circuit for exchanging 2-channel component signals every nH period to obtain two combined signals each composed of the 2-channel signals which alternate every nH period, two modulators for modulating the two combined signals, a head section having two pairs of rotarty magnetic heads for recording the modulated signals on the magnetic tape so that each two adjacent blocks contain a same channel component signal and for reproducing the recorded signals from the magnetic tape, two demodulators for demodulating the reproduced signals, and a second switching circuit for exchanging the demodulated signals every nH to obtain the 2-channel component signals. With this arrangement, the recording density is remarkably increased and the cross talk interference hardly occur.