Line an 8x8-inch baking pan with parchment paper, allowing some overhang for easy removal. Lightly spray with nonstick cooking spray.
In a medium saucepan over low heat (or using the microwave in 30-second intervals), melt the white chocolate chips and sweetened condensed milk together, stirring constantly until smooth. Remove from heat and stir in vanilla extract.
Pour one-third of the mixture into the prepared pan and spread evenly. Place the pan in the fridge or freezer for 10–15 minutes to firm up slightly.
Color another third of the fudge mixture with orange food coloring. Mix well until evenly tinted. Pour gently over the white layer and spread evenly. Chill again for 10–15 minutes.
Tint the remaining third of the fudge with yellow food coloring. Spread the final layer on top, smoothing the surface.
Top with candy corn pieces or sprinkles, if desired. Refrigerate for at least 2 hours or until fully set.
Once set, lift the fudge out of the pan using the parchment overhang. Cut into small squares and enjoy!