We describe a quantum algorithm that solves combinatorial optimization problems by quantum simulation of a classical simulated annealing process. Our algorithm exploits quantum walks and the quantum Zeno effect induced by evolution randomization. It requires order 1/sqrt delta steps to find an optimal solution with bounded error probability, where delta is the minimum spectral gap of the stochastic matrices used in the classical annealing process. This is a quadratic improvement over the order 1/delta steps required by the latter.