A multi-channel audio reproduction apparatus and method for loudspeaker reproduction using virtual sound images whose positions can be adjusted is provided. The multi-channel audio reproduction apparatus includes a virtual sound image forming unit for compensating for the occurrence of cross-talk in at least one input audio signal according to the arrangement of loudspeakers, obtaining transfer functions occurring when sound from a position in a three dimensional space is transmitted to both ears of a listener, and forming a plurality of first virtual sound images in a three dimensional space using the transfer functions. A controller generates adjusting factors for adjusting the position of at least one second virtual sound image. An output position adjustor controls the at least one audio signal, with respect to which the plurality of first virtual sound images are formed by the virtual sound image forming unit, with the adjusting factors generated by the controller and adjusts positions of the at least one second virtual sound image. An adder sums up left output related signals of the at least one audio signal with respect to which the position of the at least one second virtual sound image is adjusted, and sums up right output related signals of the at least one audio signal with respect to which the position of the at least one second virtual sound image is adjusted, to generate left and right audio signals for forming the at least one second virtual sound image.
