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The tensile strain and oxygen vacancy effects on the electronic and magnetic properties of multiferroic material BiCoO3 have been studied by density functional theory (DFT) +U calculations.It is found that the oxygen vacancy at the top of the pyramid structure along the <001> direction (denoted as O1) can be stabilized at 1+ and 2+ charge states,which significantly changes the local magnetic moment of Co ions and possibly provides net magnetic moments to the BiCoO3 system.