Lithium and zirconium abundances (the latter taken as representative for s-process enrichment) are determined for a large sample of massive Galactic O-rich AGB stars, for which high resolution optical spectroscopy has been obtained (R=40,000-50,000). This is done by computing synthetic spectra based on classical hydrostatic model atmospheres for cool stars using extensive line lists. The results obtained are discussed in the framework of hot bottom burning (HBB) and nucleosynthesis models. The complete sample is studied attending to various observational properties such as the position of the stars in the IRAS two-colour diagram ([12]-[25] vs [25]-[60]), Galactic distribution, expansion velocity (derived from the OH maser emission) and period of variability (when available). We conclude that a considerable fraction of the sources observed are actually massive AGB stars (M > 3-4 solar masses) experiencing HBB, as deduced from the strong Li overabundances found. A comparison of our results with similar studies carried out in the past for the Magellanic Clouds (MCs) reveals that, in contrast to MC AGB stars, our Galactic sample does not show any indication of s-process element enrichment. The differences observed are explained as a consequence of metallicity effects. Finally, we discuss the results obtained in the framework of stellar evolution by comparing our results with the data available in the literature for Galactic post-AGB stars and PNe