Line an 8×8-inch (20×20 cm) square baking pan with parchment paper, leaving an overhang on two opposite sides for easy lifting. Lightly spray with nonstick spray if your parchment tends to stick.
In a medium bowl, combine the graham cracker crumbs, 5 tablespoons melted unsalted butter, and 2 tablespoons sugar. Mix until the texture resembles damp sand. Press the mixture firmly and evenly into the bottom of the prepared pan, using the bottom of a measuring cup to pack it down. Chill the pan while you make the fudge.
1 1/4 cups graham cracker crumbs, 5 tablespoons unsalted butter, 2 tablespoons granulated sugar
In a heavy-bottomed medium saucepan over low heat, combine the white chocolate chips, sweetened condensed milk, and 4 tablespoons unsalted butter. Stir slowly and constantly with a silicone spatula until the chocolate is completely melted and the mixture is smooth. Keep the heat low to avoid scorching or graininess.
3 cups white chocolate chips, 14 oz sweetened condensed milk, 4 tablespoons unsalted butter
Remove the saucepan from the heat. Stir in the vanilla extract, fine sea salt, key lime zest, and green food coloring (if using) until evenly combined. Mix well before adding the lime juice to help keep the mixture silky.
2 teaspoons key lime zest, 1 teaspoon pure vanilla extract, 1/8 teaspoon fine sea salt, 2-3 drops green food coloring
Pour in the fresh key lime juice and stir until fully incorporated. The mixture will thicken slightly as the citrus reacts with the chocolate. Work fairly quickly so the fudge stays pourable.
1/3 cup fresh key lime juice
Remove the prepared pan from the refrigerator. Pour the key lime fudge mixture over the chilled graham cracker base, or directly into the lined pan if you skipped the crust. Use an offset spatula or the back of a spoon to spread the fudge evenly into the corners and smooth the top.
While the fudge is still soft, sprinkle extra key lime zest, finely crushed graham crackers, or toasted coconut flakes over the top. Gently press the toppings so they adhere.
extra key lime zest, finely crushed graham crackers, toasted coconut flakes
Cover the pan loosely with foil or plastic wrap and refrigerate for at least 3–4 hours, or until completely set. For the cleanest cuts and best texture, chill overnight.
Use the parchment overhang to lift the fudge out of the pan and transfer it to a cutting board. With a sharp knife, slice into approximately 1-inch squares, wiping the knife with a warm, damp cloth between cuts for neat edges.
Serve the fudge chilled or slightly cool. Store leftovers in an airtight container with parchment between layers in the refrigerator for 7–10 days, or freeze for up to 2 months.