Can you store a spell that takes longer than 1 action into a glyph of warding? One example would be magic circle with a casting time of 1 minute. Would it be possible to store the spell and if so, will the magic circle be produced once the glyph triggers or will it take the 1 minute casting time?
All the conditions for storing a valid spell are met, there is no such restriction that requires the spell stored needs to cost 1 Action.
As for the second question, it will trigger immediately since the text in Glyph of Warding: Spell glyph says
You can store a prepared spell of 3rd level or lower in the glyph by casting it as part of creating the glyph.
You've already spent the 1 minute to cast Magic Circle as part of the 1 hour to cast Glyph of Warding but the energy is held until the trigger occurs.
You can store spells of any casting time, as long as they are legal
The only condition about the spells to be stored are
The spell must target a single creature or an area.
(There also is a condition that the spell must be of third level or lower, but you can circumvent it by casting the glyph on an aproppriately higher level). Since there is no condition about the spell's casting time, you can store a spell of any casting time.
What is the casting time?
Glyph of Warding's text says
You can store a prepared spell (...) in the glyph by casting it as part of creating the glyph.
When you create the glyph, the overall casting time is thus 1 hour (the casting time of glyph of warding), plus the time it takes to cast the stored spell. If you cast a 1 action spell into the glyph, the overall process will take you one hour and one action. If you cast a spell with a casting time of one minute (for example, Geas) the overall process will take you one hour and one minute. If you store a Simulacrum spell in the glyph, the process will take 13 hours.
Is there a delay when triggering based on casting time?
When you cast this spell, you inscribe a glyph that later unleashes a magical effect. (...) The spell being stored has no immediate effect when cast in this way. When the glyph is triggered, the stored spell is cast.
The meaning of "is cast" (confirmed by the accepted answer) in this context is that the time to cast the stored spell was already spent during process creating the glyph, triggering now finishes the casting of the spell, and it is released. There is no additional casting time, not even an action. The effect is immediate.