a video signal recording and reproducing apparatus wherein in the recording mode , a luminance signal and a pair of color difference signals are divided into two groups each to be alloted for each horizontal scan period . the divided luminance signal is expanded along the time axis to such an extent as to exceed slightly the horizontal blanking period and the divided two color difference signals are compressed along the time axis . the time - processed luminance signal and two color difference signals are multiplexed in time division to produce two multiplexed signals lasting for two horizontal scan periods , which are separated , processed and recorded on separate tracks . in the reproducing mode signals reproduced from the two tracks are separately processed and restored into two multiplexed signals , the timing difference between the two multiplexed signals is corrected , the signals are then time reversely converted thereby to obtain a divided luminance signal and two divided color diffference signals , and these divided signals are multiplexed respectively and restored into a continuous luminance signal and a pair of color difference signals .