An electronic component or chip mounting apparatus capable of carrying out a chip mounting operation at a high speed and with high accuracy. The apparatus includes two transition stations, a chip extracting head reciprocating between a chip feed section and the transition stations and two chip depositing heads arranged for reciprocating between the transition stations and a substrate on which a chip is to be mounted, so that a chip mounting operation may be carried out according to a reciprocating relay system and an operation of depositing the chip on the substrate may take place with high efficiency.