An experimental and analytical approach to the relaxation problem of wood-based materials—OSB (Oriented Strand Boards—pressed wood-based composite panels) beams, including beams with CFRP (Carbon fiber reinforced polymer) tape composite reinforcement, is presented. It is a relevant engineering and scientific problem due to the fact that wood and wood-based materials, as well as composite reinforcements, are widely used in building constructions. Their rheological properties are very important and complicated to estimate. A 10 day long relaxation test of thick OSB beams without reinforcement and with CFRP tape was performed. A four-point bending test with five different bending levels was performed, during which the reduction of the loading force was measured. A five-parameter rheological model was used to describe the rheology of the beams. The equations of this model were calculated with the use of Laplace transform, whereas the values of the parameters were calculated based on the experimental relaxation curves. A high correlation between experimental and theoretical results was obtained. A beam reinforced with CFRP tape was treated as a system with a viscoelastic element (OSB) and an elastic element (CFRP), joined together without the possibility of slipping. The equations of the mathematical model were calculated based on the assumptions of the linear theory of viscoelasticity and the convolution integral. A good correlation between experimental and theoretical results was obtained. A significant redistribution of stresses was observed during the relaxation of the reinforced beam. The reinforced beams show a higher stiffness of approximately 63% and carry proportionally higher loads than unreinforced beams at the same deflection values.