An image recording and reproducing system and method for displaying a state of a recording medium. The image recording and reproducing system capable of recording and reproducing an input image signal has a record medium for storing an image data, a key-input unit for inputting a display command to display a current state of the record medium, an on screen display (OSD) unit for generating an OSD signal corresponding to a visual information showing the current state of the recording medium, a display unit for receiving the OSD signal, and displaying the OSD signal overlapping the displayed image, and a control unit, upon receiving the display command, for controlling to calculate the current state of the recording medium to transmit to the OSD unit, and transmit the OSD signal to the display unit.