The duo - who had been on loan to Leicester Tigers and Edinburgh respectively - will move on at the expiration of their current contracts, joining head coach Dave Rennie amongst the group departing Scotstoun at the end of the current campaign.
The winger, who has also represented Scotland 7s, crossed for the most recent of his six tries in a Glasgow jersey in last season's victory over the Cheetahs at Scotstoun.
Standing at 6ft 2in, the 27-year-old product of GHA was part of the 2014/15 title-winning squad and also enjoyed a prolific loan spell at London Scottish that saw him cross for five tries in four matches.
Stirling-born back-rower Smith's debut for the Warriors came in a February 2017 visit to the Ospreys, the first of 25 appearances in a Glasgow jersey.
Both of his tries for the club came in the same game, touching down twice in a 20-minute cameo against Zebre at Scotstoun in April 2017.
His form during the 2018/19 season saw him earn a first senior international call-up to Gregor Townsend's Scotland squad, having previously represented Scotland U20.
Speaking to glasgowwarriors.org, head coach Dave Rennie said: "It's always sad to see local boys leave the club,"
"Both Matt and Rory play in positions in which we have considerable depth, and understandably went on loan to Leicester and Edinburgh respectively in the hope of getting more game time.
"Matt is a tough, feisty openside who always brings an edge to training and playing, and Rory'su best traits are his physicality and work ethic.
"Both are good club men, popular with their peers and their contribution to the team and club over the past few years has been appreciated.
"We wish them all the best for the future."