A paper sheet manipulating apparatus and a paper sheet transaction apparatus for manipulating paper sheets such as bills includes an inlet/outlet port allowing input and output of paper sheets and rotating between the paper sheets inlet position and the paper sheet feeding position; a separator projected to the outlet port and drawn back to the draw-back position, distinguishes, when projected, the paper sheets inputted to the inlet port and the paper sheets to be returned and accommodates the paper sheets into the outlet port; an accommodation section for accommodating the paper sheets; a temporary storing section for temporarily storing the paper sheets which should not be accommodated in the accommodation section or should not be exhausted and a plurality of cassettes for feeding and collecting the paper sheets in the accommodation section and for feeding and collecting the paper sheets in the outlet port, whereby a fault rarely occurs and manipulations can be continued at a high speed for a long period of time without any pause even if a fault occurs.