Prepare Oven: Preheat the oven to 350°F (180°C). Line a large baking sheet with parchment paper and set aside.
Cream Butter and Peanut Butter: In the bowl of a stand mixer fitted with the paddle attachment, or a large mixing bowl using an electric hand mixer, add the softened butter and creamy peanut butter. Beat on medium speed for 1 minute until smooth and creamed.
Add Sugars: Add the granulated sugar and brown sugar. Beat on medium speed for 1 minute and 30 seconds until the mixture is lighter in colour and slightly fluffy.
Add Eggs and Vanilla: Pour in the vanilla extract, then add the eggs one at a time, beating well after each addition, about 15 seconds. Scrape down the sides of the bowl with a spatula as needed.
Add Dry Ingredients: Add the rolled oats, baking soda, and salt. Beat on low speed until combined, about 10 seconds.
Fold Through Chocolate: Add the mini M&M’s and chocolate chips. Using a spatula, gently fold them through the cookie dough until evenly distributed.
Scoop Cookies: Using a 1 tablespoon cookie scoop, drop the cookie dough onto the prepared baking sheet. Leave at least 2 inches (5 cm) between each cookie, as they will spread during baking. Do not flatten the cookie dough before baking. I bake 8 cookies at a time on a large baking sheet to allow enough space for the cookies to spread evenly.
Bake: Bake for 11–13 minutes, or until the edges are lightly golden and the centers still appear slightly soft. Remove from the oven.
Add Extra Chocolate: If desired, immediately after removing the cookies from the oven, gently press extra mini M&M’s and chocolate chips into the tops while the cookies are still warm. The residual heat will slightly melt the chocolate pieces, helping them stick to the surface of the cookies.
Cool: Allow the cookies to cool on the baking tray for 15 minutes before carefully transferring them to a wire rack. Use a slotted turner to gently lift the cookies from the tray, as they will be delicate while warm and can break if moved by hand. The cookies will firm up as they cool. Once cooled completely, enjoy!