An automatic dynamic range control circuit is provided with a fixed-gain first circuit means and a variable-gain second circuit means having substantially the same propagation delay as the first circuit means. The automatic dynamic range control circuit holds the peak value of an input signal, selects the first circuit means when this peak value is smaller than a reference signal level, and selects the second circuit means when the peak value exceeds this reference signal level. When the held peak value is smaller than the reference signal level, the second circuit means is operated at the same gain relative to an input signal as the first circuit means by having its gain set by the reference signal. When the held peak value exceeds the reference signal, the gain of the second circuit means is limited by this held peak value and its output level is kept at or below a prescribed level. As a result, when an excessively high input signal level is fed, the first circuit means can be switched to the second circuit means without giving rise to discontinuity in the waveform of the output signal on either the time axis or the amplitude axis.