This paper presents an investigation of temperature, displacement, stress, and induced magnetic field in a half space perfectly-conductive plate. Finite element equations regarding generalized magneto-thermoelasticity problems with two relaxation times (i.e., the G-L theory) are derived using the principle of virtual work. For avoiding numerical complication involved in inverse Laplace and Fourier transformation and low precision thereof, the equations are solved directly in time-domain. As a numerical example, the derived equation is used to investigate the generalized magneto-thermoelastic behavior of a semi-infinite plate under magnetic field and subjecting to a thermal shock loading. The results demonstrate that FEM can faithfully predict the deformation of the plate and the induced magnetic field, and most importantly can reveal the sophisticated second sound effect of heat conduction in two-dimensional generalized thermoelastic solids, which is usually difficult to model by routine transformation methods. A peak can be observed in the distribution of stress and induced front and the magnitude of magnetic field at the heat wave the peak decreases with time, which can not be obtained by transformation methods. The new method can also be used to study generalized piezo-thermoelastic problems.