In a mixing bowl, beat the softened cream cheese and softened butter together until smooth and well combined.
Add the powdered sugar and vanilla extract and beat until fully incorporated and creamy.
Fold in about 1/2 cup of the mini chocolate chips until evenly distributed.
Place the mixture onto a piece of plastic wrap and shape it into a ball, then wrap tightly.
Refrigerate the wrapped cheese ball for 4–6 hours or up to overnight until firm.
Spread the remaining mini chocolate chips on a plate, unwrap the chilled cheese ball, and roll it in the chips, pressing gently so they adhere evenly.
Serve the chocolate chip cheese ball with graham crackers or mini vanilla wafers.