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Preheat the oven to 350°Fahrenheit (180°Celsius) and line two baking sheets with parchment paper.
In a large bowl, add the butter, granulated sugar, and brown sugar. Beat with an electric mixer until light and fluffy. Add the peanut butter, eggs, and vanilla extract, and mix until well combined.
In a separate bowl, whisk the flour with the baking soda, baking powder, and salt. Then, gradually stir the dry ingredients into the peanut butter mixture with a spatula, stopping just before it's fully combined.
Add the oats, chocolate chips, and M&M candies, and gently stir until evenly distributed throughout the dough and no streaks of flour are visible.
Portion the dough into rounded tablespoonfuls and arrange on the prepared baking sheets, spacing them about 2 inches apart.
Bake in the preheated oven for 10-12 minutes. The cookie edges should be lightly golden and the centers should be barely set.
Remove the trays from the oven and let the cookies cool for 5 minutes before transferring them to wire racks to cool completely. Enjoy!