Step 1 :
Factor out common factor $ \color{blue}{ 2 } $:
$$ 2y^3-16x^3 = 2 ( y^3-8x^3 ) $$Step 2 :
To factor $ y^{3}-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 = y $ and $ II = 2x $ , we have:
$$ y^{3}-8x^{3} = ( y-2x ) ( y^{2}+2xy+4x^{2} ) $$