A modulation/demodulation apparatus according to an embodiment of the present invention includes a sine wave generating circuit configured to output two sine waves which are orthogonal to each other and have equal amplitude, an orthogonal modulator connected to the sine wave generating circuit and configured to modulate the sine waves to generate a modulated signal, a detecting section configured to detect amplitude fluctuation in the modulated signal, a multiplying section configured to multiply the modulated signal and the amplitude fluctuation detected by the detecting section together, and an orthogonal demodulator configured to demodulate the modulated signal multiplied with the amplitude fluctuation by the multiplying section to generate a demodulated signal.