A substrate holding and rotating apparatus includes: a spin base connected to a rotary shaft and rotatable therearound; holding members attached to the spin base and displaceable between holding positions at which the holding members come in contact with the peripheral edge of the substrate such that the holding members are capable of holding the substrate, and retreat positions at which the holding members are retreated from the holding positions; a holding members drive mechanism for driving the holding members between the holding positions and the retreat positions; and a rotation regulating mechanism arranged to be brought, in association with the operation of the holding-member drive mechanism, into a rotation allowing state where the spin base is allowed to be rotated and into a rotation regulating state where the rotation of the spin base is regulated.