Gather all ingredients.
Beat cream cheese in a large bowl until fluffy. Beat in condensed milk, then pudding mix. Gradually mix in cold milk until smooth, followed by vanilla.
Fold in ½ of the whipped topping.
Line the bottom of a 9x13-inch dish with vanilla wafers.
Arrange sliced bananas evenly on top.
Cover with pudding mixture.
Top with remaining whipped topping.
Cover and chill in the refrigerator for at least 3 hours before serving.
