Preheat oven to 350°F (175°C). Line baking sheets with parchment paper.
In a large bowl, beat butter, peanut butter, brown sugar, and granulated sugar until smooth.
Mix in eggs one at a time, then add vanilla extract.
Stir in baking soda, salt, oats, and flour until just combined.
Gently fold in chocolate chips and M&M’s.
Drop 2-tablespoon-sized dough balls onto baking sheets, spacing them 2 inches apart. Press a few extra M&M’s on top for color.
Bake for 10–12 minutes until edges are golden but centers are still soft.
Let cookies cool on the baking sheet for 5 minutes, then transfer to a wire rack.