Begin by heating the olive oil in a large Dutch oven or heavy-bottomed pot over medium-high heat.
Once the oil is shimmering, add the chopped bacon. Cook until crispy, then use a slotted spoon to remove it, draining on paper towels. If you prefer a pork-free version, simply skip this step and proceed to the next.
Season the beef cubes generously with salt and freshly ground black pepper. In batches, sear the beef in the hot pot until browned on all sides, about 4-5 minutes per batch. Remove the browned beef and set it aside.
In the same pot, add the chopped onion and sliced carrots. Sauté for about 5-6 minutes until the vegetables are softened and fragrant.
Stir in the minced garlic and cook for an additional minute until the garlic is aromatic.
Add the tomato paste and sprinkle the flour over the mixture. Stir well to combine and cook for another minute to eliminate the raw flour taste.
Gradually pour in the beef broth while using a wooden spoon to scrape up any brown bits from the bottom of the pot – this adds great flavor.
Return the browned beef to the pot, and add the thyme, bay leaves, and the crispy bacon (if using). Bring the mixture to a gentle simmer.
Cover the pot with a lid and reduce the heat to low. Allow the beef bourguignon to cook gently for about 1.5 to 2 hours, or until the beef is tender and flavorful.
About 20 minutes before serving, add the quartered cremini mushrooms to the pot, stirring to incorporate them evenly.
Once cooking is complete, taste the stew and adjust the seasoning with additional salt and pepper, if necessary.
Carefully remove the bay leaves from the pot before serving to ensure a pleasant dining experience.
Notes
Serve in rustic bowls garnished with parsley and crusty bread for dipping.