Step 1 :
Factor out common factor $ \color{blue}{ 3xy } $:
$$ 3xy-24x^4y = 3xy ( 1-8x^3 ) $$Step 2 :
To factor $ 1-8x^{3} $ we can use difference of cubes formula:
$$ I^3 - II^3 = (I - II) (I^2 + I \cdot II + II^2) $$After putting $ I = 1 $ and $ II = 2x $ , we have:
$$ 1-8x^{3} = ( 1-2x ) ( 1+2x+4x^{2} ) $$