A magnetic recording and reproducing apparatus having a time code detecting block (16) for detecting and issuing a time code, a reset position memory (18) for storing the time code at a reset position, a previous time code memory (20) for storing the time code, a relative time memory (21) for storing a relative time, and a calculation block (19) for calculating a present relative time based upon the time code issued from the time code detecting block, the time code stored in the reset position memory, the time code stored in the previous time code memory, and the relative time stored in the relative time memory.