Step 1 :
Factor out common factor $ \color{blue}{ 5y^2 } $:
$$ 320x^3y^2-5y^2 = 5y^2 ( 64x^3-1 ) $$Step 2 :
To factor $ 64x^{3}-1 $ we can use difference of cubes formula:
$$ I^3 - II^3 = (I - II) (I^2 + I \cdot II + II^2) $$After putting $ I = 4x $ and $ II = 1 $ , we have:
$$ 64x^{3}-1 = ( 4x-1 ) ( 16x^{2}+4x+1 ) $$