My father wants me to study abroad while I'm still young.

Literal

Father [topic-は] me [subject-が] young while [in-に] overseas study do [object-を] hoping.

~のを望んでいる means 'to hope/wish for X.' 若いうちに means 'while still young' — うちに marks a limited time window. 海外留学 (study abroad) is a four-kanji compound.