Preheat oven to 350 and grease a 9x13-inch pan with cooking spray or line with parchment paper.
Combine the oats, flour, brown sugar, soda, and salt and mix well.
2 1/2 cups quick oats, 1 1/2 cups flour, 1 cup brown sugar, 1 teaspoon baking soda, 1/2 teaspoon salt
Stir in the melted butter, peanut butter and egg.
1 cup melted butter, 1/3 cup creamy peanut butter, 1 egg
Stir in the chocolate chips and M&M's.
1 cup M&M candies, 1 cup semi-sweet chocolate chips
Press all but 1 1/2 cups of the oatmeal mixture into a greased 9x13 pan. (Set the 1 1/2 cups aside for later.)
Stir together the sweetened condensed milk and peanut butter and drizzle over the bottom crust. Spread gently to evenly coat.
1 14-ounce can sweetened condensed milk, 1/3 cup creamy peanut butter
Sprinkle the remaining oatmeal mixture on top and lightly press down.
Bake 20-25 minutes or until a light golden brown. The middle should be slightly wiggly! It will firm up as the bars cool. It's super important that you DO NOT over-bake these! :)
Let the bars cool for 30 minutes before cutting into squares.