Firstly, the green led and red led stay on all the time. The red led is for the AMT - Advanced Management Technology.
Why is your system not booting?
Probably because may be the cpu is not compatible with the board or may be the board needs a bios update to be able to work fine.
So your first step is to check the cpu compatibility from the link below.
If your cpu is on the list of compatibility, try to use a cpu that requires a lower bios revision and update the bios to the latest using the lower end cpu.
Check if you get 3 beeps without the memory:
Check if your memory meets the system requirements:
Check if your PSU is an ATX V2.2 as it is advisable to have this version for newer boards.
Hope this helps.