In a large 5 quart pot, heat up olive oil over medium high heat. Add ground beef and cook and stir until browned.
Add in chopped onion, carrots and celery. Cook and stir an additional 2-3 minutes until just tender. They don't need to be soft as they will continue to cook as the soup simmers.
Pour in the cans of diced tomatoes and chopped cabbage. Stir to incorporate.
Pour in the beef broth and add in the bay leaf, thyme, basil, salt, pepper and pearled barley.
Bring the soup to a boil, cover with a lid and turn down the heat so the soup is just simmering.
Simmer covered for one hour, stirring occasionally.
Notes
This soup can also be cooked in a slow cooker. Brown the beef and add to the slow cooker with the remaining ingredients. Cook on low for 7-8 hours before serving. Add the parsley when ready to serve.