Place the protein powder, oats, peanut butter, and honey in a large bowl.
Add 2 tablespoons of water and stir until a stiff dough forms. If the mixture is too dry, add the additional water, 1 teaspoon at a time, until desired consistency is reached.
Stir in the chocolate chips and M&Ms.
Take tablespoons sized pieces of dough and roll into balls. Place on a sheet pan lined with parchment.
Roll the remaining dough into balls.
Chill for at least 30 minutes, then serve. Store in the refrigerator.