In a medium saucepan, combine the blueberries, sugar, cornstarch, and water.
Cook over medium heat, stirring constantly, until the mixture thickens and turns glossy. Set aside to cool slightly.
In a large mixing bowl, beat softened cream cheese, powdered sugar, and vanilla extract until smooth and creamy. Gently fold in the whipped cream until fully incorporated.
Spread a thin layer of crushed graham crackers evenly over the bottom of a baking dish.
Top with half of the blueberry sauce, then spread a layer of the cheesecake mixture over the blueberries.
Repeat the layers with the remaining graham crackers, blueberry sauce, and cheesecake mixture.
Refrigerate for at least 4 hours, or overnight, to allow the layers to set and the flavors to meld.
Before serving, spread blueberry preserves over the top layer and garnish with fresh blueberries.
Slice into squares and serve chilled. Enjoy this no-bake masterpiece!