The influence of cryothermal treatment on the mechanical properties of metallic glasses with different compositions was investigated in the present work. It was found that cryothermal cycling can induce rejuvenation as well as relaxation of the metallic glasses. The local apparent Young's modulus and its spatial distribution width on the surface of the metallic glass increase after cryothermal cycling, while in the bulk the effect depends on the glass composition. It appeared that this increase is temporary and disappears after a period of room temperature aging. This effect is connected with a large distribution of relaxation times in the metallic glasses due to their heterogeneous structure and the formation of complex native oxides on the outer surfaces of the glasses. Our findings reveal that a cryothermal cycling treatment can improve or degrade the plasticity of a metallic glass, and the atomic bond structure appears to be very important for the outcome of the treatment.