To a food processor, add graham cracker sheets. Pulse until resemble small crumbs. Alternately, place graham cracker sheets in plastic bag and crush with a rolling pin.
Pour crumbs into a 9-inch pie plate. Add sugar and stir to combine. Pour over melted butter and toss with a fork until graham cracker mixture is moistened.
Press crumb mixture over the bottom and up sides of 9-inch pie plate.
Bake crust in 350°F preheated oven or chill crust for 1 hour in the refrigerator.
Make the Pie Filling:
To a medium bowl, add the cream cheese, sweetened condensed milk and peanut butter. Beat until completely blended, about 3 minutes.
Fold 1/2 of whipped topping into peanut butter mixture until no white streaks remain. Add remaining whipped topping and gently fold into peanut butter mixture until blended.
Scrape pie filling into crust and smooth top. Chill for at least 2 hours in refrigerator. Add peanut garnish on top before serving.