The paper is concerned with the derivation of asymptotically consistent equations governing the long-wave flexural response of a two-layered rectangular plate with high-contrast elastic properties. In the general case, the plate is under dynamic and variable surface, volume, and edge forces. Performing the asymptotic integration of the three-dimensional (3D) elasticity equations in the transverse direction and satisfying boundary conditions on the faces and interface, we derived the sequence of two-dimensional (2D) differential equations with respect to required functions in the first two approximations. The eight independent restraints for the generalized displacements and stress resultants are considered to formulate the 16 independent variants of boundary conditions. One of the main results of the paper is the Timoshenko–Reissner type equation capturing the effect of the softer layer and taking into account the in-plane deformation induced by the edge forces. Comparative calculations of natural frequencies were carried out based on our and alternative models.