Line a 9 x 13-inch pan with waxed paper. Extend over the edge of pan for easy lifting of the candy.
Combine marshmallows and peanuts in a large bowl. Set aside.
Melt chocolate with the sweetened condensed milk in medium saucepan, stirring constantly, until well blended.
Pour chocolate mixture over marshmallows and peanuts. Mix well. Spread into prepared pan.
Refrigerate, cut into squares. Makes 24 squares. Enjoy!