Prepare the Pan: Line a 9x13-inch baking dish with parchment paper, leaving some parchment hanging over the sides for easy removal. A smaller pan can also be used for thicker pieces of candy.
Boil the Sugar and Milk: Add the sugar and evaporated milk to a saucepan. Stir to combine and bring the mixture to a boil over medium heat.
Boil: Once boiling, continue to boil for 2 1/2 minutes, stirring occasionally.
Add the Peanut Butter and Vanilla: Remove the saucepan from the heat. Immediately stir in the peanut butter and vanilla extract.
Thicken the Candy: Continue stirring until the mixture begins to thicken and becomes smooth and creamy.
Pour Into the Pan: Quickly spread the peanut butter candy into the prepared parchment-lined pan.
Cool: Allow the candy to cool completely and set.
Cut and Serve: Lift the candy from the pan using the parchment paper and cut into squares. Enjoy!