Combine sweetened condensed milk and softened butter in a mixing bowl. Blend using a hand mixer on medium speed for 2-3 minutes until smooth.

Gradually sift in powdered sugar while mixing on low speed. Blend for 3-5 minutes until the dough is thick.

Add peppermint extract and food coloring if desired. Fold into the mixture until evenly distributed.

Chill the dough in the refrigerator for 10-15 minutes if it feels too soft.

Shape the chilled dough into 1-inch balls or use cookie cutters to form shapes. Place on a parchment-lined baking sheet.

Allow the mints to sit at room temperature for about 1 hour to hold their shape.

Store in an airtight container at room temperature for up to one week. For longer storage, freeze in a single layer before transferring to a container.