The electronic and magnetic structure of La1-xSrxCoO3 (0.0≤x≤0.6) has been studied by X-ray magnetic circular dichroism (XMCD) at the Co K absorption edge. A negative XMCD peak was clearly observed for pure LaCoO3 at E=7.719 keV within the threshold region, suggesting the existence of the intermediate-spin state of Co3+. A positive XMCD peak at E=7.723 keV was assigned to Co4+, having the double-exchange interaction between Co3+ and Co4+. In order to verify the origin of XMCD, the electronic structure of ground and is core-hole states was calculated by a DV-Xα Hartree-Fock-Slater method, using several cluster models up to the fifth neighbor shell. The first-principles calculations well reproduced the experimental XMCD spectra, where a hybridization of Co 3d, 4p and O 2p orbits stabilizes a magnetic state of La1-xSrxCoO3.