Sear the Beef: In a large Dutch oven or pot, heat olive oil over medium-high heat. Add the beef in batches, searing on all sides until browned. Remove the beef and set it aside.
Sauté the Vegetables: In the same pot, add chopped onions, garlic, and carrots. Sauté for about 4-5 minutes until softened.
Combine Ingredients: Stir in tomato paste, mixing well. Then return the beef to the pot and add the potatoes, thyme, bay leaf, salt, and pepper.
Add Liquids: Pour in the red wine and beef broth. Bring to a boil, then reduce the heat to low.
Simmer: Cover the pot and let it simmer on low heat for 1.5 to 2 hours, stirring occasionally until the beef is tender.
Taste and Adjust: Once done, taste and adjust seasoning if necessary.
Serve: Your Best Ever Beef Stew is ready to serve! Garnish with fresh parsley and enjoy!