Preheat the oven to 350 degrees F (175 degrees C). Coat a 9x13-inch baking pan with cooking spray.
Mix vanilla wafer crumbs and melted butter together in a bowl. Press crumb mixture into the bottom of the prepared baking pan. Pour sweetened condensed milk evenly over the crust. Layer chocolate chips, candied cherries, and walnuts evenly on top. Press down firmly with a fork.
Bake in the preheated oven until lightly browned, 25 to 30 minutes. Loosen from sides of pan while warm. Let cool in pan; cut into squares or diamonds.