Start by gathering all your ingredients and allowing the cream cheese and butter to come to room temperature. This will ensure a smooth, creamy dip.
In a large mixing bowl, combine the room temperature cream cheese and butter. Use a hand mixer or stand mixer to beat them together until the mixture is light and fluffy, about 2-3 minutes.
Gradually add in the creamy peanut butter. If you’re a peanut butter lover, feel free to increase the amount to 1½ cups. Mix until fully incorporated and smooth.
Add the powdered sugar and vanilla extract to the mixture. Blend until everything is well combined, and the dip is creamy and sweetened to your liking.
Gently fold in the mini chocolate chips using a spatula. This will add delightful bursts of chocolate in every bite.
Transfer the dip to a serving dish. For an extra special touch, garnish with mini peanut butter cups on top. Serve with cookies and graham crackers for dipping.