Prep the Ingredients: If using fresh bananas, peel and slice them. If using frozen bananas, simply measure them out.
Assemble in Blender: Add the bananas, peanut butter, rolled oats, cacao powder, honey, and milk to a blender. If using fresh bananas, add ice for a chilled smoothie.
Blend: Blend the mixture until smooth and creamy. For a thicker consistency, add a few ice cubes and blend again until your desired thickness is achieved.
Adjust Sweetness: Taste the smoothie and add more honey if desired. Blend briefly to combine.
Serve: Pour the smoothie into glasses and enjoy immediately.