A disk playback apparatus comprises a stocker including a plurality of shelves for compact disks, a pallet disposed adjacent to the stocker, a lift stage for moving the stocker up and down so that a selected one of the shelves is located in a position higher than the pallet for a predetermined distance, a loader capable of reciprocating between an unloading position on the stocker side and a loading position on the pallet side, and a lifter in the loader. As the loader moves from the unloading position toward the loading position, the lifter lowers and feeds the disk on the selected shelf to the pallet while drawing out the disk from the stocker. As the loader moves from the loading position toward the unloading position, the lifter raises and returns the disk on the pallet to the selected shelf while pushing back the disk toward the stocker.