Gather all the ingredients.
Add the cream cheese and instant pudding to a large mixing bowl and beat until smooth using an electric mixer.
½ cup cream cheese, 3.4 ounces instant banana pudding
With the mixer on, slowly stream in the sweetened condensed milk, blending it into the cream cheese mix. Stir in the vanilla.
14 ounces sweetened condensed milk, 2 teaspoons vanilla extract
In a separate bowl, beat the heavy cream until stiff peaks form using an electric mixer.
2 cups heavy cream
Gently fold the whipped cream into the cream cheese mix, folding carefully so the whipped cream stays fluffy.
Gently stir in the mashed bananas and vanilla wafers.
¾ cup crushed vanilla wafers, 2 bananas
Scoop the mix into a freezer-safe container with a lid, cover, and freeze for at least 4 hours.
Scoop the ice cream out of the container and serve cold!