In a medium mixing bowl, blend cream cheese, and butter using an electric hand or stand mixer. Blend for 1-2 minutes or until smooth and until there are no clumps inside the cream cheese.
Add the hot chocolate mix and powdered sugar. Continue beating until all ingredients are combined.
Using a rubber spatula or spoon, scoop out the marshmallow creme, add to the bowl and mix. Sprinkle in 3/4 of the mini marshmallows and milk chocolate chips (reserving a handful of each for garnishing) and mix until all ingredients are well blended.
Cover and place the dip inside the refrigerator for 30 minutes or until ready to serve.
When ready to serve, garnish with remaining marshmallows and chocolate chips.