A magneto-optical reproducing apparatus for reproducing from a magnetic film medium having at least a displacement layer, a switching layer, and a memory layer. A magnetic wall displacement is generated in the displacement layer in any region where the temperature exceeds the Curie temperature of the switching layer to effectively enlarge any recorded magnetic domain. The reproduced signal from the magnetic film medium is equalized with regard to waveform in an equalizer circuit and then fed to a magnetic wall displacement detection circuit that produces a magnetic wall displacement signal by using a differential signal or a secondary differential signal of the reproduced signal so as to provide a low bit error rate despite any sudden DC level variation in the reproduced signal.