Gather all your ingredients and tools. Make sure your mascarpone and ricotta cheeses are at room temperature for easier mixing. Drain any excess water from the mascarpone to ensure a creamy dip.
In a large mixing bowl, combine the mascarpone cheese and ricotta cheese. Use a hand mixer or stand mixer to beat the cheeses together until they are smooth and creamy, about 2 minutes.
Add the powdered sugar to the cheese mixture and continue to mix until well combined. The dip should be sweet but not overly sugary, so adjust the sugar to your taste.
Stir in the vanilla extract and almond extract. These extracts give the dip its signature cannoli flavor. Mix until everything is well incorporated.
Gently fold in the mini chocolate chips using a spatula. This adds texture and delightful bursts of chocolate in every bite.
Transfer the cannoli dip to a serving bowl and chill it in the refrigerator for at least 30 minutes to let the flavors meld together. Serve it with your choice of dippers.
