In a mixing bowl beat the cream cheese until smooth. Add the powdered sugar to the bowl and beat until combined and light and fluffy.
Add the marshmallow cream and vanilla extract to the bowl and stir to combine.
Fold a large spoonful of the thawed whipped topping into the dip mixture. Then fold the remaining whipped topping into the dip until completely combined.
Divide the dip into bowls (the amount of different colors you want) and add the food coloring as desired. Carefully mix just until the colors are incorporated.
Add dollops of the differently colored dip to a bowl. Run a knife or bamboo skewer around in the dip to create swirls.