A packet recording/reproducing system is provided which records or reproduces packets on or from tracks formed in time sequence on a magnetic tape. In a recording operation, the packet recording/reproducing system adds to input packets time stamps whose values are synchronous with packet arrival time control clocks produced by the system. The timing with which the packets are recorded on the magnetic tape is controlled by the arrival time control clocks so that a given number of the packets inputted at high data rate are recorded within a one-track area, a two-track area, or a one-track over area defined across at least two of the tracks, thereby minimizing the loss of capacity of the magnetic tape.