Due to the high cost of laboratory testing, many researchers are considering developing methods to predict the behavior of unreinforced and reinforced wood beams. This work aims to create either numerical or analytical models useful for extrapolating already conducted tests to other schemes/materials used as reinforcement. In the case of timber structures, due to the complexity of timber, this task is difficult. The first part of the article presents an analysis of the suitability of using a simplified mathematical model based on the equivalent cross-section method to describe the behavior of unreinforced and reinforced with carbon-fibre-reinforced polymer (CFRP) composite full-size laminated veneer lumber (LVL) beams. The theoretical results were compared with the results of conducted experimental tests. The scope of the analysis includes the estimation of modulus of rupture, bending stiffness, and determination of the neutral axis position. The equivalent cross-section method showed good agreement in determining the bending stiffness and neutral axis position of the strengthened sections. However, the suitability of using the equivalent cross-section method to estimate the load-carrying capacity of a cross-section reinforced with fiber composites still needs to be confirmed, which, according to the authors, is due to the differences between the assumed (linear) and actual (nonlinear) strain distribution in the compression zone. The second part uses the equivalent cross-section method to estimate the predicted bending stiffness of LVL beams strengthened with aramid-fibre-reinforced polymer (AFRP), glass-fibre-reinforced polymer (GFRP), and ultra-high modulus carbon-fibre-reinforced polymer (CFRP UHM) sheets. The proposed method can be used for preliminary evaluation of strengthening effectiveness of LVL beams.