In this study, experimental, numerical, and analytical approaches were carried out to evaluate the behavior and prestressing effect of prestressed composite beam by external tendon and cover plate. Behavior of prestressed composite beam, load-carrying capacity, effects of prestressing, and ultimate strength were estimated. The contribution of the section increase of the prestressing method using tendon was less than the prestressing method using cover plate. In accordance with numerical and analytical approaches, the ultimate strength of the prestressed composite beam is shown to be the same value because strength is determined according to the plastic resistance moment and the plastic neutral axis; however, both plastic resistance moment and neutral axis are not affected by prestressing force but affected by sectional stiffness of the prestressing member. Based on these approaches, we concluded that the prestressing method using tendon can be useful in applications without an increase in self-weight, and the prestressing method using high-strength cover plate can be applied to reduce the deflection of the composite beam. The prestressing method using high-strength cover plate can also be used to induce prestress of the composite beam in the case of a large deflection due to a smaller sectional stiffness of the composite beam.