Preheat oven to 350°F. Line a large baking sheet with parchment paper and set aside.
In a mixing bowl, add dry ingredients (1 cup all-purpose flour, ½ cup rolled oats, ½ tsp baking soda, ¼ tsp salt). Mix and set aside.
In a separate large mixing bowl, add ½ cup room temperature unsalted butter, ⅓ cup light brown sugar, and ¼ cup granulated sugar. Using a stand or hand mixer, beat well for about 5 minutes, until it becomes light and airy.
Add ½ cup peanut butter and mix again.
Add 1 large egg and 1 tsp vanilla extract. Beat again until well combined.
Add dry ingredients and mix it on low speed until just halfway mixed.
Then add ½ cup M&Ms and ½ cup chocolate chips and mix until combined. Don’t overmix.
Using an ice cream scoop or a regular spoon, scoop out about 2 tbsp of cookie dough, roll it in a ball and place on the baking sheet with parchment paper.
Slightly press to flatten and top with a couple of M&Ms and chocolate chips.
Bake at 350°F for about 11-13 minutes or until the tops are just set.
Take them out of the oven and let sit on the counter on baking sheet for another 10 minutes before transferring to a wire rack.