We present the first-principles investigation of the structural, electronic, and magnetic properties of SrCoO 3−δ (δ = 0, 0.25, 0.5) to understand the multivalent nature of Co ions in SrCoO 3−δ along the line of topotactic transition between perovskite SrCoO3 and brownmillerite SrCoO2.5. From the on-site Coulomb interaction Udependent ground state of stoichiometric SrCoO3, we show the proximity of its metallic ferromagnetic ground state to other antiferromagnetic states. The structural and magnetic properties of SrCoO 3−δ depending on their oxygen-content provide an interesting insight into the relationship between the Co-Co distances and the magnetic couplings so that the spin-state transition of Co spins can understood by the change of pd-hybridization depending on the Co-Co distances. The strong suppression of the dpσ-hybridization between Co d and O p orbitals in brownmillerite SrCoO2.5 brings on the high-spin state of Co 3+ d 6 and is responsible for the antiferromagnetically ordered insulating ground state. The increase of effective Co-Co distances driven by the presence of oxygen vacancies in SrCoO 3−δ is consistent with the reduction of the effective pd-hybridization between Co d and O p orbitals. We conclude that the configuration of neighboring Co spins is shown to be crucial to their local electronic structure near the metal-to-insulator transition along the line of the topotactic transition in SrCoO 3−δ . Incidentally, we also find that the I2mb symmetry of SrCoO2.5 is energetically stable and exhibits ferroelectricity via the ordering of CoO4 tetrahedra, where this polar lattice can be stabilized by the presence of a large activation barrier.