A magnetic recording and/or reproducing apparatus is disclosed, comprising a rotary head device, in which a magnetic tape is drawn out of a cassette and brought into contact with the rotary head device or the like. A tape draw-out device doubling as a tape guide forms a predetermined tape path and guides the drive of the magnetic tape after drawing out the magnetic tape. The apparatus further requires a fixed magnetic head and other tape guide mechanism which are movably arranged on the path of the tape draw-out device during the apparatus operation for reducing the size thereof. With the tape loading operation, the fixed magnetic head and the other tape guide are moved by a common drive mechanism and held in position by a common stopper.