Abstract: A recording and reproducing system is arranged to record converted two-channel audio signals obtained by using all four-channel stereophonic audio signals and audio signals of two specific channels included in the four-channel stereophonic audio signals on a recording medium as four-channel recording audio signals and, at the time of reproduction, to be capable of restoring the four-channel recording audio signals to the four-channel stereophonic audio signals and also to permit either the four-channel stereophonic audio signals or the converted two-channel audio signals to be selectively outputted.