The clubs have battled for League Two titles, League One promotions and simply for local bragging rights.
There have been memorable play-off games (for Posh at least) and high drama with both teams recording victories after being reduced to nine men.
Players and managers who have gone on to better things have been involved in the matches
The teams have met 27 times in all competitions with Posh leading the head-to-head 12-10 with five draws.
Here is a selection of dramatic highlights from Posh v MK.
13.
March 2014. Posh got their first glimpse of 17 year-old Dele Alli in that 2-0 win. He's seen here battling with on-loan Posh player Josh McQuoid.
14.
August 2014: Posh 3, MK Dons 2. An outstanding display by MK teenager Dele Alli was overshadowed by two late goals from Posh sub Kyle Vassell and a sole Posh goal by on-loan Spurs star Kenny McEvoy. Alli scored, although Posh boss Darren Ferguson insisted Jermaine Anderson was just as good as the future England and Spurs star. Alli is pictured with Anderson.
15.
February 2015: MK Dons 3, Posh 0. By the time the teams met at stadium:mk later that season MK were pushing strongly for promotion whereas Posh were struggling badly. MK raced into a 3-0 half-time lead through Ben Reeves (2) and Will Grigg and Posh were so poor manager Darren Ferguson (pictured) was sacked after the game. MK went on to win promotion to the Championship after finishing runners-up to Bristol City, while Posh finished ninth. Photo: Midlands
16.
January 2017: Posh 0, MK Dons 4. Teenage Leicester City loanee Harvey Barnes shone as MK routed Posh in this League One clash with four second-half goals. Chuks Aneke scored twice with Kieran Agard and Barnes (pictured) also on target. Photo: Midlands