Beat the cream cheese, butter, and creamy peanut butter with a hand mixer or stand mixer until smooth.
Add the powdered sugar, brown sugar, all-purpose flour, and vanilla and mix until combined.
Using the paddle attachment on a stand mixer or a wooden spoon, mix in the rolled oats until the dip reaches your desired thickness; the dip will firm up slightly in the refrigerator.
Fold in the plain M&Ms and semi-sweet chocolate chips.
Store the dip in the refrigerator until serving and serve with pretzels, graham crackers, or apple slices; you can dip or spread it depending on how thick you made the dip.