Start by gathering all your ingredients. Make sure the cream cheese is softened to room temperature to ensure a smooth blend.
In a large mixing bowl, combine the softened cream cheese and butter. Using a hand mixer, beat them together until the mixture is light and fluffy.
Next, add in the creamy peanut butter. Continue to mix until it’s fully incorporated and smooth.
Gradually add the powdered sugar and brown sugar to the mixture. Beat on low speed to avoid a sugar cloud, then increase to medium until fully combined.
With the mixer on low, add the all-purpose flour and vanilla extract. Mix until just combined, being careful not to overmix.
Using a rubber spatula, gently fold in the rolled oats, ensuring they are evenly distributed throughout the dip.
Finally, fold in the semi-sweet chocolate chips and M&Ms. This adds that delightful crunch and colorful finish to your dip.
Transfer your Monster Cookie Dough Dip into a serving bowl. For the best flavor, let it chill in the refrigerator for at least 30 minutes before serving.