A magnetic recording and reproduction apparatus includes a main chassis on which a rotatable head cylinder is mounted; a sub chassis movable relative to the main chassis; a cassette holder for holding the cassette and mounting the cassette on the sub chassis; a cassette holder elevating section for moving the cassette holder up and down with respect to the sub chassis; a holder engaging section provided on the main chassis; and a main chassis engaging section provided on the cassette holder. The sub chassis is movable relative to the main chassis from a cassette mountable position at which the cassette is mountable on the sub chassis to a tape pull-out position at which the magnetic tape has been pulled out from the cassette and wound around the rotatable head cylinder. The holder engaging section and the main chassis engaging section are engaged with each other at the tape pull-out position.