A paper sheet manipulating apparatus and a paper sheet transaction apparatus for manipulating paper sheets such as bills has 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 separating device projected to the outlet port and drawn back to the draw-back position, distinguished, when projected, the paper sheets inputted to the inlet port and the paper sheets to be returned and accommodate 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 few faults are generated and manipulations can be continued at a high speed for a long period of time without any pause even if a fault is generated.