Gather all ingredients.

Preheat the oven to 350 degrees F (175 degrees C). Grease a 10-inch deep-dish pie plate.

Whisk flour, pudding mix, baking powder, and salt together in a bowl until evenly combined; add milk, butter, and egg.

Beat crust mixture with an electric mixer for 2 minutes; transfer to the prepared pie plate.

Drain peaches, reserving 3 tablespoons syrup.

Combine 1 tablespoon sugar and cinnamon in a small bowl.

Beat cream cheese in separate bowl with an electric mixer until fluffy; add 1/2 cup sugar and reserved syrup and beat for 2 minutes.

Arrange sliced peaches over crust mixture.

Spoon cream cheese mixture over peaches to within 1 inch of pie plate edge; sprinkle cinnamon sugar over top.

Bake in the preheated oven until golden brown, 30 to 35 minutes.

Set aside on the counter for 20 minutes, then chill in the refrigerator before serving for at least 2 hours.