Sear the Beef: In a large Dutch oven, heat 2 tablespoons of olive oil over medium-high heat. Season the beef cubes generously with salt and pepper. Brown the beef in batches, ensuring not to overcrowd the pot, for about 5 minutes per side. Remove the browned beef and set aside.
Sauté the Aromatics: In the same pot, add the remaining tablespoon of olive oil. Sauté the onions and garlic until fragrant and translucent, about 3-4 minutes.
Combine Ingredients: Return the beef to the pot. Stir in the tomato paste, then pour in the beef broth. Add the carrots, mushrooms, thyme, bay leaves, and pearl onions (if using). Bring the mixture to a simmer.
Slow Cook: Cover the pot with a lid and reduce the heat to low. Let it simmer for about 2-3 hours, stirring occasionally, or until the beef is tender and the flavors have melded together.
Final Seasoning: Remove the bay leaves and taste the stew. Adjust seasoning with salt and pepper as desired.
Serve: Ladle the beef bourguignon into bowls and garnish with freshly chopped parsley.
Notes
Serve with buttery mashed potatoes or crusty bread to soak up the delicious gravy.