Heat olive oil in a large skillet over medium-high heat.
Add the ground beef and cook, breaking it apart with a spoon, until browned and cooked through, about 6-8 minutes.
Add the diced onion to the skillet and cook until softened, about 3-4 minutes.
Stir in the minced garlic and cook for 1 minute until fragrant.
Add the uncooked elbow macaroni to the skillet and stir to combine with the beef mixture.
Pour in the beef broth and whole milk, then season with salt, black pepper, and smoked paprika.
Bring the mixture to a boil, then reduce heat to medium-low and cover the skillet.
Simmer for 12-15 minutes, stirring occasionally, until the macaroni is tender and most of the liquid is absorbed.
Remove the skillet from heat and stir in the shredded cheddar and mozzarella cheeses until melted and creamy.
Sprinkle chopped fresh parsley over the top and serve immediately.