A new Galerkin/Least-Squares (GLS) stabilized finite element method is presented for computing viscoelastic flows of complex fluids described by the conformation tensor; it extends the well-established GLS method for computing flows of incompressible Newtonian fluids. GLS methods are attractive for large-scale computations because they yield linear systems that can be solved easily with iterative solvers (e.g., the Generalized Minimum Residual method) and because they allow simple combinations of interpolation functions that can be conveniently and efficiently implemented on modern distributed-memory cache-based clusters. Like other state-of-the-art methods for computing viscoelastic flows (e.g., DEVSS-TG/SUPG), the new GLS method introduces a separate variable to represent the velocity gradient; with the aid of this variable, the conservation equations of mass, momentum, conformation, and the definition of velocity gradient are converted into a set of first-order partial differential equations in four unknown fields—pressure, velocity, conformation, and velocity gradient. The unknown fields are represented by low-order (continuous piecewise linear or bilinear) finite element basis functions. The method is applied to the Oldroyd-B constitutive equation and is tested in two benchmark problems—flow in a planar channel and flow past a cylinder in a channel. Results show that (1) the mesh-convergence rate of GLS is comparable to the DEVSS-TG/SUPG method; (2) the LS stabilization permits using equal-order basis functions for all fields; (3) GLS handles effectively the advective terms in the evolution equation of the conformation tensor; and (4) GLS yields accurate results at lower computational costs than DEVSS-type methods.