Preheat oven to 350°F. Line a 9×13-inch baking dish with foil and spray the foil with cooking spray.
In a large bowl, combine 2 1/4 cups quick oats, 1 1/4 cups firmly packed brown sugar, 1 cup flour, and 1/2 teaspoon baking soda.
Add 1 cup softened butter to the dry mixture. Use a hand mixer, pastry cutter, or your fingers to work the butter in until the mixture is crumbly and holds together when pressed.
Measure out and set aside 2 cups of the crumbly mixture for the topping.
Press the remaining crumb mixture evenly and firmly into the bottom of the prepared 9×13 pan to form the crust.
In a separate small bowl, combine the entire (14-ounce) can sweetened condensed milk, 1/4 cup peanut butter, and 1/2 teaspoon vanilla. Mix with a hand mixer or whisk until smooth and well combined.
Pour the sweetened condensed milk mixture over the pressed crust and spread it into an even layer.
Sprinkle 12 ounces chocolate chips evenly over the sweetened condensed milk layer. If using, sprinkle 1/2 cup chopped nuts over the chocolate chips.
Evenly crumble the reserved 2 cups of crumb mixture over the chocolate chips and nuts, then lightly press the top so it adheres.
Bake in the preheated oven for 25–30 minutes, until the edges are golden brown (the center may still appear slightly soft).
Remove from oven and let the bars cool completely in the pan on a wire rack before lifting out on the foil and cutting into bars.
Notes
Recipe Notes
Adapted from a Nestle recipe circular, September 2003.