Heat olive oil in a large pot over medium heat.
Add the beef cubes and season with salt and pepper. Sear until browned on all sides.
Remove the beef from the pot and set aside.
Add the chopped onion, carrots, and celery to the pot. Sauté until softened.
Stir in the minced garlic and cook for an additional minute.
Return the seared beef to the pot and add the rinsed pearl barley.
Pour in the beef broth and add bay leaves and thyme.
Bring the mixture to a boil, then reduce heat to low and cover.
Simmer for about 1.5 to 2 hours, stirring occasionally.
Taste and adjust seasoning with salt and pepper before serving.
Remove bay leaves and serve warm.