The heat-induced variations in material properties for a layered glass-metal composite material were studied for the case of induction heating and the subsequent composite annealing of the sample. A cylindrical sample of the composite (outer metal cylinder covering the glass cylinder) was used in our experimental study. This sample is an imitation of a brittle rock under a high stress. The simulation complexity originates from superposition of the glass point transition within the glass layer, induction heating for the whole sample, and heat radiation from the external metallic surface. Structural and mechanical relaxation processes in glass are calculated using the Boltzmann-Volterra superposition and the Tula-Narayanaswami-Mazurin-Moynihan (TNMM) model based on introducing a structural temperature as an additional parameter. The paper offers a mathematical model and a simulation method for calculating the temperature field and material properties distributions during the composite production process. The simulation results are presented for various regimes of heating and for glass-metal composite properties. This approach is useful for evaluating the operation modes of the glass layer annealing and for estimating the evolution of laminated composite materials.