An audio signal recording and playback apparatus of a magnetic recording and playback apparatus operates to record and play back multiple audio signals together with a video signal in first and second recording areas formed in correspondence to audio signals of first and second sets each consisting of two channels. Among input stereo audio signals in four channels at most, two-channel signals corresponding to left and right side information are recorded as main audio signals in the first recording area and remaining two-channel signals are recorded selectively as ancillary audio signals in the second record area.