This millionaire cheesecake is made with a buttery shortbread crust and topped with decadent layers of caramel and chocolate ganache.

It’s a decadent combination that will keep you coming back for more!

How to Make This Millionaire Cheesecake

Let’s walk through each step of this cheesecake recipe to make sure it turns out as amazing as possible.

I’ve also shared a video tutorial below.

Step 1: Make the Caramel

Make the caramel filling first so that it can thicken up before being added to the cheesecake batter.

Heat the sweetened condensed milk, butter, brown sugar, and light corn syrup over medium heat in a heavy saucepan.  

Stir frequently and allow the mixture to come to a gentle boil. Once this happens, turn the heat down to let the caramel simmer.

Continue to stir frequently until the mixture thickens and becomes a medium caramel color (about 10 minutes).  Remove from the heat and stir in the vanilla extract.

Pour into a separate container, then set aside to cool to room temperature. If you make this in advance, cover the bowl and store it at room temperature overnight or in the fridge for up to a week.

This is what my caramel looks like once it cools to room temperature.

If you refrigerate the caramel, heat it in the microwave in short 15-second intervals until it reaches room temperature and is a more workable consistency.

Step 2: Make the Shortbread Crust

Next, work on the shortbread crust. Preheat the oven to 350 F / 175 C.

Spray an 8-inch or 9-inch springform pan or cheesecake pan with non-stick baking spray, then place a parchment round on the bottom of the pan.

Use a fork or pastry cutter to combine the butter, flour, powdered sugar, and fine salt.

Press into the bottom of the prepared pan with your fingers. Prick the crust thoroughly with a fork.

The crust should cover the bottom of the pan and reach about 1/3 of the way up the sides of the pan.

Prick the crust thoroughly with a fork, then bake for 22-25 minutes, or until the edges are just starting to brown.

Place the pan on a wire rack to cool.

Keep the oven on but lower the temperature to 300 F / 150 C and place a baking tray filled with about 1 inch of water on the bottom rack.

Step 3: Make the Caramel Cheesecake Filling

While the shortbread crust bakes and cools, make the caramel cheesecake batter.

In a small bowl, whisk together the sugar and cornstarch. This helps prevent the cornstarch from clumping.

In a large mixing bowl or the bowl of a stand mixer fitted with a paddle attachment, beat the room-temperature cream cheese and the sugar/cornstarch mixture on a low speed until the mixture is completely smooth.

Crack the eggs in a bowl and whisk them together.

Gradually pour the eggs into the cheesecake batter in a few installments while mixing on a low speed.

Scrape the sides and bottom of the bowl with a rubber spatula as needed.

Then mix in the sour cream, room temperature caramel, and vanilla extract until just combined.

Pour the caramel cheesecake batter into the prepared pan.

NOTE: If you use an 8-inch pan, it will be filled close to the top of the pan! But don’t worry, cheesecake doesn’t really rise as it bakes, so it shouldn’t overflow in the oven.

Step 4: Bake the Cheesecake

Double-check that the oven temperature has been lowered to 300 F / 150 C, then place the cheesecake pan on a large cookie sheet and bake the cheesecake for 15 minutes.

This makes it easier to put the cheesecake in the oven and will catch any melted butter that seeps out from the crust.

Without opening the oven door, reduce the oven temperature to 225 F / 110 C and bake for an additional 2 hours.

It sounds crazy, but low and slow is the best way to bake up a perfect, crack-free cheesecake that doesn’t sink.

Step 5: Cool the Caramel Cheesecake Gradually

Once the cheesecake is fully baked, turn the oven off and let the cheesecake sit in the oven for 1 hour without opening the door.

After 1 hour of cooling in the oven, crack the oven door open with a wooden spoon and let the cheesecake cool in the oven for another hour.

Next, remove the cheesecake from the oven and let it continue to cool at room temperature for 2 hours.

Once it’s reached room temperature, cover the top of the cheesecake with plastic wrap and refrigerate the cheesecake for an additional 3-4 hours or overnight (preferred).

Store the cheesecake in the fridge until you’re ready to serve it.

Step 6: Make the Chocolate Ganache

Make the chocolate ganache as the cheesecake bakes and cools, because it needs time to cool to room temperature.

Add the heavy cream into a medium-sized bowl and heat it until it just begins to bubble. This can be done in either the microwave (takes me about 45-60 seconds in my microwave) or a double boiler.

Then pour in the dark chocolate and let the mixture sit for a minute.

After a minute the chocolate should be softened.

Stir the mixture until the cream and chocolate are combined and the mixture is smooth. If any bits of chocolate aren’t fully melted, heat the mixture again for 15 seconds and stir until smooth.

Then mix in the unsalted butter, corn syrup, and fine salt.

Cover with plastic wrap placed flush against the top of the ganache to prevent it from forming a skin, then set aside to cool to room temperature.

If you need to make this topping in advance, it can be covered and stored in the fridge for up to a month.

The ganache should thicken and be scoopable once it reaches room temperature. If you want to accelerate the cooling process, place the bowl in the fridge.

Step 7: Decorate the Cheesecake

Once the cheesecake is fully cooled, carefully release it from the pan and scoop the room-temperature caramel on top of the cheesecake. Spread it into an even layer.

Chill in the fridge for 10 minutes to let the caramel firm up, then spread the room-temperature chocolate ganache on top of the caramel.

Top the cheesecake with a sprinkle of flakey sea salt, then use a sharp, warm knife to cut into the chilled cheesecake.

Clean the knife after each cut to get perfect slices. Leftover cheesecake can be kept in the fridge for up to a week in an airtight container.

Substitutions & Swaps – Shortbread Cheesecake Crust

This recipe uses quite a few ingredients and I know you might not have all of them on hand.

Below are some swaps and substitutions that can be made in this recipe.

• Unsalted Butter – Salted butter can be used in place of unsalted butter, just omit the salt that the shortbread crust recipe calls for.
• Powdered Sugar – Adding powdered sugar to the crust helps solidify the crust once it’s baked and gives it the perfect hint of sweetness.
• AP Flour – A good baking gluten-free flour blend can be used in place of the AP flour in the crust.

Substitutions & Swaps – Caramel Cheesecake & Topping

• Cream Cheese – This recipe tastes best with full-fat cream cheese. I find using cream cheese that comes in brick form works best. I highly recommend using the Philadelphia brand (not sponsored – it just works best!). Avoid organic cream cheese if possible; it’s creamier and will make the cheesecake denser and less fluffy.
• Granulated Sugar – You can increase or decrease the amount of sugar by a few Tablespoons based on your preferences.
• Cornstarch – Cornstarch helps prevent cracking and makes the cheesecake easier to cut into clean slices. You can use all-purpose flour in its place if needed.
• Eggs – Sadly this recipe does not turn out with egg alternatives like applesauce or flax seed eggs. I highly recommend using regular large eggs.
• Light Brown Sugar – I prefer using light brown sugar to make the caramel, but you can also use dark brown sugar.
• Light Corn Syrup – Using a bit of corn syrup in the caramel and ganache gives them a glossy, silky smooth consistency. However, it can be omitted from both recipes if needed.
• Dark Chocolate – I love using dark or semi-sweet chocolate to make the ganache topping. However, you can also use 1 cup or 175g of milk chocolate in place of the dark chocolate.

Millionaire Cheesecake Troubleshooting and FAQs

While I’d love to think everyone’s cheesecake will turn out perfectly every time, I know that sometimes things don’t go that smoothly. Below are some tips and advice to help!

Do I Have to Use a Water Bath?

This recipe uses kind of a pseudo water bath. Rather than baking the cheesecake directly in a giant pan filled with water, I like to place a tray filled with water on the bottom rack of the oven as the cheesecake bakes.

This helps the cheesecake bake up tall and fluffy. It also prevents the center from sinking. I highly recommend baking the cheesecake this way, but it can be baked without the water tray.

However, the texture will be slightly denser, and the cheesecake will sink in the middle as it cools if you don’t use one.

Why Did My Cheesecake Crack?

There can be a few different culprits for cracked cheesecake. The most common are the cheesecake was over-baked, it was cooled too quickly, or the batter was over-mixed.

When a cheesecake is over-baked, the edges stick to the side of the pan. This can be a problem because cheesecake contracts as it cools, and this can lead to cracking.

The center of the cheesecake should still be a little bit jiggly when you turn off the oven.

On a similar note, if a cheesecake is cooled too quickly, the temperature shock can also cause it to crack. Gradually cooling a cheesecake is key!

It’s a slow process, letting it sit in the oven for two hours after baking, then letting it cool at room temperature for a few hours, then chilling it in the fridge overnight. But it’s totally worth it and should prevent any big cracks from forming.

If your cheesecake cracks, there’s also a chance that the batter was over-mixed. If you incorporate too much air into the cheesecake batter air bubbles can get trapped in the batter and cause cracks.

And while we’d all love our cheesecake to turn out with a perfect, smooth top, it’s also ok if it doesn’t! You can always decorate the top of the cheesecake to cover any cracks.

How Can I Tell If My Cheesecake Is Done?

If you don’t make cheesecake very often, it can be hard to know when the cheesecake is done!

While we know the center is supposed to still be jiggly when we turn off the oven, I always think to myself, HOW JIGGLY?? I’ve gotten better at trusting the process over time and baking this cheesecake with the low and slow method really helps it cook through properly.

However, if you’re still nervous, there is an easy test you can do to make sure your cheesecake is properly baked.

I like to call it the toothpick test. Once you remove the cheesecake from the oven (after the 2 hours cooling process in the oven), insert a toothpick into the cheesecake 1 inch from the edge of the pan.

If it comes out clean, your cheesecake is properly baked.

Can I Bake This Cheesecake Without a Springform Pan?

This recipe bakes up best in an 8-inch springform pan or cheesecake pan.

It can also be baked in a 9-inch springform pan if needed. However, it will be a bit shorter.

You can also use a square or quarter sheet pan to make millionaire cheesecake bars! More on that in the section below.

Can I Use This Recipe to Make Millionaire Cheesecake Bars?

Yes! You can use either an 8×8-inch pan or a 9×13-inch (quarter sheet pan) to make millionaire cheesecake bars with this recipe.

Whichever size pan you use, be sure to line the pan with parchment paper and spray it with non-stick spray to make it easier to cut the bars and remove slices.

You can make these in an 8×8-inch pan following the recipe below, but I recommend making a 1/2 batch of the cheesecake batter and the caramel.

Bake them at 325 F/162 C for 42-47 minutes with a water tray on the bottom rack. The edges should look set and the center will still be a bit jiggly when they’re done.

You can make these in a 9×13-inch pan by using one batch of the cheesecake and caramel recipe but doubling the crust recipe and chocolate ganache recipe.

Bake them at 325 F/162 C for 40-45 minutes with a water tray on the bottom rack. The edges should look set and the center will still be a bit jiggly when they’re done.

Making This Millionaire Cheesecake in Advance & Storage Tips

This cheesecake can be stored in the fridge for up to a week. Store slices in an airtight container or cover the springform pan tightly with plastic wrap to keep it fresh.

You can also freeze this cheesecake for up to 3 months! After it’s baked and cooled, release it from the pan then freeze the entire cheesecake until it’s firm to the touch (about 3 hours).

Carefully lift the cheesecake off the bottom of the springform pan and slide it onto a cardboard cake round or plate.

Wrap the entire cheesecake in a couple of layers of plastic wrap and then foil.

When you’re ready to enjoy the frozen cheesecake, place it in the fridge overnight, then unwrap and enjoy it the following day.

Whether you’re freezing or refrigerating this cheesecake, wait to add the caramel and ganache topping until you’re ready to serve it.

How To Make the Best Millionaire Cheesecake

• Make sure the ingredients are at room temperature. It helps them mix together better and will give the cheesecake a smoother texture.
• Use full-fat cream cheese that comes in brick form. I highly recommend using the Philadelphia brand (not sponsored – it just works best!). Avoid organic cream cheese if possible; it’s creamier and will make the cheesecake denser and less fluffy.
• Mix the batter on a low speed as you make it. You want to incorporate as little air as possible into the batter. Excess air in your batter can cause your cheesecake to crack.
• Make this cheesecake early in the day. The baking and cooling process takes about 6 hours before you can place the cheesecake in the fridge.
• Follow the cooling instructions to a T! I know it’s a slow process, but it’s worth it. It helps ensure the cheesecake has the perfect consistency once it’s cooled.
• Use a warm, sharp knife to get clean slices. Fill a tall cup with hot water and dip a sharp knife into it. Dry the knife fully, then cut into the cheesecake. Repeat with each cut, being sure to wipe the blade completely clean after each cut.
• If your cheesecake cracks while baking or cooling, don’t fret! You can easily cover it with the caramel and ganache topping and no one will know.
• Make room in your fridge ahead of time so you can easily chill the cheesecake once it reaches room temperature.

Let Me Know What You Think!

If you try this millionaire cheesecake recipe, I’d love to hear what you think of it! Please leave a rating and comment below.

Don’t forget to tag me @chelsweets and #chelsweets if you share on social media! I love seeing your delicious creations.

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