Heat the olive oil in a large pot over medium heat. Add the beef stew meat and cook until browned on all sides, about 5 minutes.
Add the diced onion and minced garlic to the pot. Cook for 3 minutes until the onion softens.
Stir in the carrots, parsnips, and turnip. Cook for another 3 minutes to start softening the vegetables.
Add the pearl barley, dried thyme, bay leaves, and beef broth. Season with salt and black pepper.
Bring the soup to a boil, then reduce to a simmer. Cover and cook for 45 minutes until the beef is tender and the barley is cooked through.
Remove the bay leaves before serving.