In a large mixer using either a hand or stand mixer, beat softened cream cheese, powdered sugar and vanilla extract together until fluffy.
Fold in 1/2 cup chocolate chips and 1/4 cup mini marshmallows. Form mixture into a ball and wrap in foil. Freeze for at least one hour.
Place graham crackers, the remaining chocolate chips and the remaining mini marshmallows into a shallow dish. Roll the cheese ball in the mixture, pressing the chocolate chips and marshmallows into the mixture. Place on a serving plate and serve with graham crackers or pretzels.
