Electronic and spin states of the codeposited C60–Co films with large tunnel magnetoresistance (TMR) effect were investigated with the X-ray absorption and magnetic circular dichroism (MCD) spectroscopies. It is revealed that a C60–Co compound generated in the C60–Co films shows the clear MCD signal attributed to the spin-polarized Co 3d states hybridized with C60 π orbitals. The magnetic response of these Co 3d-derived states agrees well with temperature dependence of the observed MR ratios of the granular C60–Co films. This suggests the incorporation of the spin-polarized Co 3d-derived states of the C60–Co compound into the observed TMR effect.