Results of the first principles study on the electronic structure and magnetism of the superconducting weak ferromagnet Y4Co3, are presented. Using the full potential Korringa-Kohn-Rostoker (FP-KKR) method, densities of states, dispersion curves and magnetic moments were calculated for quasi-ordered structural model of the compound in the framework of the local density approximation. Spin-polarized KKR calculations confirm that weak ferromagnetic properties of Y4Co3 can be attributed to only one cobalt atom located on (2b) site in the unit cell, while other twenty Co and Y atoms acts as a diamagnetic environment. Moreover, the magnetic Co atoms form a quasione-dimensional chains along z direction. The magnitude of Co(2b) magnetic moment (0.55 µB) markedly overestimates the experimental value (0.23 µB), which suggests the importance of spin fluctuations in this system. Calculated distribution of spin magnetization in the unit cell provides a background for discussion of the coexistence of ferromagnetism and superconductivity in Y4Co3. Finally, the effect of pressure on magnetism is discussed and compared with experimental data, also supporting weak ferromagnetic behaviors in the system.