This thesis work mainly focuses on magneto-electronic phase separation (MEPS), an effect where chemically homogeneous materials display inhomogeneous magnetic and electronic properties. A model system La1-xSrxCoO3 (LSCO) is chosen for the study of MEPS. The doping evolution of MEPS in LSCO single crystals is extensively studied through complementary experimental techniques including heat capacity, small angle neutron scattering, magnetometry, and transport. It is found that there exists a finite doping range over which MEPS occurs. The doping range determined from different experimental techniques is found to be in good agreement. Also, this same doping range is reproduced by statistical simulations incorporating local compositional fluctuations. The excellent agreement between experimental data and statistical simulations leads to the conclusion that the MEPS in LSCO is driven solely by inevitable local compositional fluctuations at nanoscopic length scales. Such a conclusion indicates that nanoscopic MEPS is doping fluctuation-driven rather than electronically-driven in LSCO. The effect of microscopic magneto-electronic phase separation on electrical transport in LSCO is also examined. It is demonstrated (i) that the T = 0 metal-insulator transition can be understood within double exchange-modified percolation framework, and, (ii) that the onset of a phase-pure low T ferromagnetic state at high x has a profound effect on the high T transport. In addition, a new origin for finite spin Co ions in LaCoO3 is revealed via a Schottky Anomaly in the heat capacity, which was not previously known. Such a discovery casts a new understanding of the spin state at low temperature. Via small-angle neutron scattering and d.c. susceptibility, it is revealed that short-range ordered FM clusters exist below a well-defined temperature (T*) in highly doped LSCO. It is demonstrated that the characteristics of this clustered state appear quite unlike those of a Griffiths phase. Finally, through magenetometry and SANS, the magneto-crystalline anisotropy of highly doped LSCO is studied and the easy and hard magnetization axes are determined.