Prepare all ingredients by cutting the beef into cubes, dicing the onion, slicing the carrots and celery, and mincing the garlic.
In a large pot, heat olive oil over medium-high heat. Add beef cubes and brown on all sides for 5-7 minutes. Remove beef and set aside.
In the same pot, add onion, carrots, and celery. Cook for 5 minutes, then stir in garlic and cook for 1 more minute.
Return the beef to the pot, add beef broth, pearl barley, thyme, rosemary, and bay leaves. Season with salt and pepper. Stir well.
Bring to a boil, then reduce heat to low, cover, and simmer for 60 minutes. Stir in frozen peas and cook for an additional 5 minutes. Remove bay leaves before serving.