Lightly grease a 9x13 inch baking dish. In a medium saucepan over low heat, combine chocolate chips and milk and stir until chips are melted and mixture is smooth.

Meanwhile, combine the marshmallows and peanuts in a large bowl. When chocolate mixture is heated, pour melted mixture over marshmallows and nuts and mix all together. Pour mixture into the baking dish. Cover and refrigerate to chill for 2 hours.