Heat olive oil in a large pot over medium-high heat.
Add the beef stew meat and brown on all sides, about 5-7 minutes. Remove the beef and set aside.
In the same pot, add the diced onion and cook until softened, about 3-4 minutes.
Add the minced garlic and cook for 1 minute until fragrant.
Sprinkle the flour over the onions and garlic and stir well to combine. Cook for 1-2 minutes to remove the raw flour taste.
Return the browned beef to the pot and stir in the tomato paste.
Pour in the beef broth and stir to combine, scraping any browned bits from the bottom of the pot.
Add the potatoes, carrots, dried thyme, dried rosemary, salt, black pepper, and bay leaf.
Bring the mixture to a boil, then reduce heat to low and cover the pot.
Simmer for 1 hour, stirring occasionally, until the beef is tender and the potatoes are cooked through.
Remove the bay leaf before serving.
Serve hot and enjoy your one pot beef and potatoes.