In a large microwave safe bowl, combine sweetened condensed milk, chocolate chips, and vanilla extract.
Microwave in 30 second increments until melted, stirring in between.
Pour into the prepared pan and spread out with a rubber spatula.
Refrigerate until set, about 2 hours. Remove from pan and cut into small pieces for serving. Store in the fridge.
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Notes
For nut fudges, stir in 1/2 cup roughly chopped nuts (pecan, walnut, or almond). Consider replacing all or part of the vanilla extract with the corresponding nut extract.For white chocolate fudge, replace semi-sweet chocolate chips with white chocolate chips. For marbled fudge, make half of the recipe with white chocolate chips and the other half with semi-sweet. Spoon each into prepared pan to dot the bottom then use a butter knife or toothpick to swirl together. For mint chocolate fudge, replace vanilla extract with 1 teaspoon mint extract.