Step 1: Prepare the crust. In a medium bowl, combine graham cracker crumbs, granulated sugar, and melted butter. Press firmly into the bottom of a 9x13 inch baking dish.
Step 2: Chill the crust. Place the baking dish in the refrigerator for at least 15-20 minutes to allow the crust to set.
Step 3: Make the creamy filling. In a large bowl, beat softened cream cheese and powdered sugar with an electric mixer until smooth.
Step 4: Add condensed milk and vanilla. Gradually beat in the sweetened condensed milk and vanilla extract until well combined and smooth.
Step 5: Fold in whipped topping and coconut. Gently fold in half of the thawed whipped topping and 1 ½ cups of the shredded coconut until just combined.
Step 6: Layer the filling. Spread the cream cheese mixture evenly over the chilled graham cracker crust.
Step 7: Top with remaining whipped topping. Spread the remaining half of the whipped topping over the coconut cream cheese layer.
Step 8: Garnish and chill. Sprinkle the remaining ½ cup shredded coconut over the top. If desired, add festive sprinkles, crushed candy canes, or cherries.
Step 9: Chill thoroughly. Cover and refrigerate for at least 4 hours, or preferably overnight, to allow the lasagna to set completely before slicing and serving.