Prepare the crust by either using a store-bought graham cracker pie crust or making your own with crushed graham crackers, sugar, and melted butter. Press it into a 9-inch pie dish and refrigerate for about 30 minutes.

In a large mixing bowl, beat the softened cream cheese using an electric mixer on medium speed for about 2 minutes until smooth and creamy.

Gradually add the sweetened condensed milk while mixing on low speed. Blend for another 2-3 minutes until glossy and smooth.

Add the thawed frozen lemonade concentrate to the cream cheese mixture and blend thoroughly on medium speed for 2-3 minutes until well combined.

Fold in the heavy whipping cream or Cool Whip gently with a spatula to maintain the airiness.

Pour the creamy filling into the chilled crust, spreading it evenly and smoothing the top.

Cover the pie and chill in the refrigerator for at least 4 hours, preferably overnight, to set.

Garnish with whipped cream and lemon slices before serving, then slice and enjoy!