Gather all ingredients.

Combine sweetened condensed milk, evaporated milk, whole milk, peanut butter, sugar, and vanilla extract in an ice cream maker; stir until sugar dissolves.

Freeze according to manufacturer's directions until it reaches soft-serve consistency, about 30 minutes, adding peanut butter cups halfway through freezing cycle.

Transfer ice cream to a one- or two-quart lidded plastic airtight container; cover surface with plastic wrap and seal. For best results, ice cream should firm in the freezer for at least 2 hours or overnight.