Heat olive oil in a Dutch oven over medium-high. Season beef with salt and pepper. Sear on all sides until browned. Remove and set aside.
Add onions and mushrooms to the pot. Cook 5–6 minutes until softened. Stir in garlic and tomato paste; cook 1 minute.
Pour in red wine and scrape up browned bits. Add beef broth, Worcestershire sauce, thyme, salt, and pepper. Return beef to the pot.
Cover and simmer on low for 2.5–3 hours until beef is fork-tender.
Spoon onions, mushrooms, and rich gravy over the beef. Serve with mashed potatoes, rice, or crusty bread.
