In a mixing bowl, beat the softened butter until creamy, about 2 minutes.

Gradually add the powdered sugar and beat until fully incorporated and smooth, about 3 minutes.

Mix in the sweetened condensed milk and peppermint extract until smooth, about 1 minute.

If the mixture is too sticky, add additional powdered sugar, 1 tablespoon at a time, until it becomes moldable.

Divide the mixture if using multiple colors and stir in desired food coloring until evenly tinted.

Roll the mixture into small 1-inch balls or press into shapes using a cookie cutter or piping bag.

Place the shaped mints on a parchment-lined baking sheet and chill in the refrigerator for 15 minutes or until firm.

Remove mints from the refrigerator and serve immediately or store in an airtight container.