Preheat oven to 350 degrees.
Using a stand mixer fitted with the paddle attachment or a hand mixer, cream the butter and sugar on high for 2-3 minutes. Scrape down the bowl once complete.
Add in eggs, vanilla extract and peanut butter. Mix until combined. Scrape down the bowl once complete.
In separate bowl, whisk dry ingredients together (oats, baking soda, salt).
Add dry ingredients to wet ingredients. Mix until combined.
Using a wooden spoon, mix in the chocolate chips and m&m's.
Chill dough in refrigerator for 30 minutes.
Grease and line baking sheets with parchment paper or silicone baking mat.
Grease a 1 ½ inch cookie dough scoop and scoop dough onto baking sheet, leaving at least 1 inch on each side of the cookies.
Bake for 12-15 minutes or until bottom of cookies are slightly browned.
Let the cookies cool on baking sheet for 5-10 minutes, then transfer to cooling rack.