In a mixing bowl, beat cream cheese and granulated sugar until smooth and combined.
Add in sour cream and vanilla extract. Beat together until combined. Fold in Cool Whip with a spatula and stir until it's mixed well.
Spread half of the mixture into the ready-to-use pie crust.
Cover and let refrigerate for at least 6 hours or overnight works really good too. Cut into slices and serve each slice with some cherry pie filling.
I prefer to use full fat dairy products when baking. I always use full-fat sour cream and full-fat cream cheese, as well as the regular Cool Whip. You can use the 1/3 fat reduced cream cheese, lite Cool Whip, and even light sour cream. I know it will still turn out a beautiful pie, but you won't get that richness and creaminess you would when using full-fat dairy products.
You want to make sure your cream cheese is really soft so you avoid lumps. I like to put mine in a bowl and microwave it for about 30-45 seconds to make sure it's nice and soft.
This pie gets better and better as it sits in the fridge. I love making this the day before and letting it sit in the fridge for overnight. The flavors have more time to develop! You need minimum of 6 hours in the fridge so plan for that when making this pie. This pie will last 3-4 days in the fridge.