A stereo demodulator of a matrix system comprises: a first amplifier (23, 24, 25) for negative feedback amplification of a stereophonic composite signal, a first voltage-current converter (26) for detecting a current-form stereophonic sum signal responsive to a voltage output of the first amplifier, a non-inversion amplifier (27) for negative feedback non-inversion amplification of the stereophonic composite signal, an inversion amplifier (28) for negative feedback inversion amplification of the stereophonic composite signal, a second voltage-current converter (29, 38) for outputting a first current-form stereophonic subchannel signal responsive to a voltage output of the non-inversion amplifier (27), a third voltage-current converter (30, 39) for supplying a current-form signal stereophonic subchannel signal responsive to a voltage output from the inversion amplifier (28), a difference signal demodulator (31) for providing stereophonic difference signals of opposite phases in the form of current signals from the outputs of the second and third voltage-current converters, and an matrix circuit (41) for performing matrix processing on the received stereophonic sum signal from the first voltage-current converter and the stereophonic difference signals from the difference signal demodulator (31) and outputting right and left stereophonic signals in a voltage signal form.