Many materials are highly sensitive to temperature, and the study of the fire resistance of materials is one of the important research directions, which includes the study of the fire resistance of fiber-reinforced polymer (FRP) composites, but the cooling mode on the change of FRP mechanical properties after high temperature has not been investigated. This study analyzes the mechanical properties of GFRP under various cooling methods after exposure to high temperatures. The tensile strength of GFRP was evaluated through water cooling, firefighting foam cooling, and air cooling within the temperature range of 20–300 °C. Damage modes were investigated at different target temperatures. The results indicate that the tensile strength of air-cooled GFRP is the highest, whereas water cooling yields the lowest retention rate. It indicates that the FRP temperature decreases slowly under air cooling and the better recovery of the damage within the resin matrix, while under water cooling, the damage at the fiber/resin interface is exacerbated because of the high exposed temperature and the water, resulting in a reduction in the strength of GFRP. Between 20 and 150 °C, GFRP essentially recovers its mechanical properties after cooling, with a residual tensile strength factor exceeding 0.9. In the range of 150–250 °C, GFRP exhibits a graded decline in strength. At 300 °C, GFRP loses certain mechanical properties after cooling, with a residual tensile strength factor below 0.1. Furthermore, the analysis of experimental results led to the modification of the Johnson–Cook constitutive model, proposing a model for GFRP under three cooling methods. Additionally, a predictive model for the elastic modulus of GFRP after high-temperature cooling was derived, showing agreement with experimental results.