Place chocolate chips into a large microwaveable bowl. Melt chocolate chips in the microwave in 30 second intervals, stirring in between each one until fully melted and smooth.
Stir in sweetened condensed milk and vanilla extract. Fold in jelly beans. Spread the mixture out into a greased 8x8-inch baking dish. Refrigerate fudge until set. Cut fudge into small squares and store in an airtight container in the freezer until serving.