A magnetic recording and reproducing apparatus wherein synchronizing separation of a reproduction video signal can be performed accurately and a stabilized reproduction video signal can be obtained. The magnetic recording and reproducing apparatus includes a switch device for selectively inserting, upon recording, a PCM modulated audio signal into a blanking period of an FM modulated video signal, a PCM region signal generator for identifying a region of a PCM modulated audio signal in a reproduction signal reproduced by a rotary head and generating a control signal representative of a PCM audio signal region, an FM demodulator for FM demodulating a reproduction signal from the rotary head into a reproduction FM demodulation signal, and a clip circuit for clipping a lower end portion of a PCM audio signal region of a reproduction FM demodulation signal from the FM demodulator in accordance with a control signal generated from the PCM region signal generator.