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Turn Instant Pot on "Sauté" setting and add the olive oil or melt the butter in the pot. Optional for additional beef caramelization: Add the beef and sauté until browned on all sides (if quicker method is desired, just add the beef in with the carrots & potatoes).
Add onions and garlic. Sauté for 3-5 minutes or until tender and slightly browned.
Add the carrots, potatoes, celery, beef broth, tomato sauce, soy sauce/Worcestershire, dried basil, sugar, salt and black pepper. Gently stir everything to combine well
Close the lid, close the lid vent, and pressure cook on high pressure for 45 minutes. (These are the steps we did for our Instant Pot- Press "Cancel" to stop the "Sauté" setting. Press the "Manual" button. Set the time to 45 minutes.)
After the cooking time is complete, press "Cancel" and carefully release the pressure. Whisk together the cornstarch and water until smooth.
Once pressure completely releases, open lid and add the corn starch/water mixture. Gently stir the beef stew and close the lid for about 5 minutes for the gravy to thicken. Once stew thickens, enjoy!
Combine all ingredient except water & cornstarch in slow cooker (beef, olive oil, onion, garlic, carrots, potatoes, broth, tomato sauce, soy/Worcestershire sauce, herbs, sugar, salt, and pepper).
Cover and cook the stew on low for 7 hours or about 4 hours on high.
Whisk together the cornstarch and water until smooth. Stir into the beef stew, cover with the lid, and cook for about 5 minutes or until it slightly thickens the stew. Enjoy!