What is the probability that randomly selected rectangles will not contain both of the two red squares? Note: Every square is also rectangle.
- All cases - (contain the upper red square or contain bottom red square)
- contain the upper red square or contain bottom red square
= $\frac{54}{150} +\frac{48}{150} -\frac{24}{150} =\frac{78}{150}$. - Then , $1 - \frac{78}{150} =\boxed{\frac{72}{150}}$
However, the given answer is $\boxed{\frac{24}{150}}$ . What am I missing ?

I think this boils down to ambiguities in the wording. Your math is correct, but maybe not for the interpretation that the problem setter intended.
$$1-\frac{54}{150}-\frac{48}{150}+\frac{24}{150}=\frac{72}{50}$$
I think that both of these situations are possible interpretations of the setup "What is the probability that randomly selected rectangles will not contain both of the two red squares?". It depends on whether you read this as "it is not true that the rectangle contains both red squares" or "for each red square, the rectangle does not contain it."
However, what is confusing is that $\frac{24}{150}$ fits with neither of these interpretations. Any way I slice it, it seems the book gave the wrong answer, and whether your answer is correct depends on how you interpret the phrasing.