The invention provides a paper sheet separating and accumulating apparatus which prevents a discharged paper money from entering into an accumulating carrier path in the case of discharging the paper money, and inhibits a jam from being generated. The paper sheet separating and accumulating apparatus is provided with a movable portion (for example, a stack guide, a detection lever, and a pressurized member) which is changed its position in correspondence to a movement of a paper sheet to a position at which an elevating plate discharges the paper sheet from an accumulating portion, and the movable portion is provided with a shielding portion (for example, a concavity and convexity of the movable portion and a shielding member) shielding a route from a two-way carrier path to an accumulating carrier path, in the case of discharging the paper sheet from the accumulating portion.