Line a 9x13-inch pan with parchment paper.

In a large saucepan, over medium heat, mix together sugar, butter, and evaporated milk.

Bring the mixture to a boil and let it cook until it reaches 234°F on a candy thermometer (about 5 minutes).

Remove the saucepan from the heat and stir in white chocolate chips until melted and well combined.

Stir in dried cranberries, marshmallow fluff, and vanilla extract.

Transfer the fudge mixture to the prepared pan and let it cool for about 2 hours before cutting into squares.