A time lapse magnetic recording/reproduction apparatus for recording and reproducing picture signals while intermittently thinning them out in a frame unit is used for monitoring and burglar-proofing in plants, shops, banks, etc. Recording picture information is generated and added to one continuous picture signal obtained by sequentially switching the output of each video camera, and is then recorded. A speed multiple k for a normal tape travelling speed is optimally set by servo circuit on the basis of the recording picture information (the total number m of channels) detected from the reproduction picture signals reconstructed by double-azimuth four heads at the time of search reproduction, and a search reproduction picture throughout the full screen of a monitor television is obtained in full recording channels. At the same time, a write period into an image memory is controlled in accordance with the recording picture information (the total number m of detection channels) and a reproduction head signal level, and read controller then controls sequentially readout of the picture signals from image memory storing therein only specific channels.