Video recognition models often learn scene-biased action representation due to the spurious correlation between actions and scenes in the training data. Such models show poor performance when the test data consists of videos with unseen action-scene combinations. Although Scene-debiased action recognition models might address the issue, they often overlook valuable scene information in the data. To address this challenge, we propose to learn Disentangled VIdeo representations of Action and Scene (DEVIAS), for more holistic video understanding. We propose an encoder-decoder architecture to learn disentangled action and scene representations with a single model. The architecture consists of a disentangling encoder (DE), an action mask decoder (AMD), and a prediction head. The key to achieving the disentanglement is employing both DE and AMD during training time. The DE uses the slot attention mechanism to learn disentangled action and scene representations. For further disentanglement, an AMD learns to predict action masks, given an action slot. With the resulting disentangled representations, we can achieve robust performance across diverse scenarios, including both seen and unseen action-scene combinations. We rigorously validate the proposed method on the UCF-101, Kinetics-400, and HVU datasets for the seen, and the SCUBA, HAT, and HVU datasets for unseen action-scene combination scenarios. Furthermore, DEVIAS provides flexibility to adjust the emphasis on action or scene information depending on dataset characteristics for downstream tasks. DEVIAS shows favorable performance in various downstream tasks: Diving48, Something-Something-V2, UCF-101, and ActivityNet. We plan to release the code upon acceptance to facilitate future research.