The present invention relates to multi-channel stream recording/reproducing method and apparatus. The present multi-channel stream reproducing method checks whether or not reproduced multi-channel stream belongs to same broadcast (RF) channel, and deletes PSI (Program Specific Information) packets included in channel stream excluding one channel stream if it belongs to same RF channel, and makes new PSI packets with reference to PSI packets included in reproduced multi-channel stream to replace them, if not. Furthermore, the present method compensates appropriately PCRs (Program Clock References) included in channel stream excluding one channel stream in case of the latter. The present method enables a digital TV set to present multi-channel stream simultaneously in PIP (Picture-In-Picture) or multi-screen mode with no error in channel selection and presentation (or decoding) time.