In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl with an electric mixer, beat the cream cheese and powdered sugar on medium speed until smooth and creamy.
8 ounces cream cheese, ½ cup powdered sugar
Add in pumpkin puree, vanilla, and pumpkin pie spice and mix until fully incorporated.
¾ cup 100% pure canned pumpkin puree, 2 teaspoons pure vanilla extract, 2 teaspoons pumpkin pie spice
Using a rubber spatula, fold in 2 cups of the whipped topping and gently combine until no streaks remain. Spoon the mixture into the prepared graham cracker pie crust and smooth into an even layer.
8 ounces frozen whipped topping, 1 9-inch graham cracker pie crust
Top with remaining whipped topping.
Cover and refrigerate for at least 4 hours before serving.