Preheat oven to 350 degrees F (175 degrees C). Grease and flour a 9x13 inch pan. Prepare cake mix according to package directions and bake in the prepared pan.
In a medium bowl, beat cream cheese until fluffy. Gradually beat in sweetened condensed milk until smooth. Fold in the whipped topping and spread over the cooled cake.
Sprinkle with the chocolate chips and chopped nuts. Refrigerate for at least 1 hour before serving.
Interesting Facts
This cake is often referred to as "better than sex cake" because of its rich and decadent flavor.
Different variations of this cake may include the addition of other ingredients such as caramel, coconut, or peanut butter.
The cake can also be decorated with additional whipped topping and/or chocolate shavings.