Pressure-induced structural changes in metallic glasses have been of great interest as they are expected to open new ways to synthesize novel materials with unexpected properties. Here, we investigated the effect of simultaneous high-pressure and high-temperature treatment on the structure and properties of a Zr50Cu40Al10 metallic glass by in situ X-ray structure measurement and property analysis of the final material. We found the unusual formation of Cu-rich nanocrystals at high pressure and temperature, accompanied by significant strength and hardness enhancement. Based on reverse Monte Carlo modeling and molecular dynamics simulations, the structure of the metallic glass changed to a densely packed, chemically uniform configuration with high short-range and medium-range ordering at high pressure and temperature. These results show that high-pressure annealing processes provide a new way to improve and control properties without changing their composition.