Preheat oven to 350°F. Lightly spray 3 round or square 8-inch baking pan with non-stick spray or Wilton cake release.
Add cake mix, eggs, milk, and vegetable oil to a mixing bowl. Use a hand mixer or stand mixer and mix well.
Mix in the dry peach gelatin. Mix for 2 minutes, stopping to scrape the sides of the bowl.
Divide the batter evenly among the cake pans. Cool the cake layers for 10 minutes in the pan before removing them to a wire rack. Wait until the cake is completely cool before frosting.
For the icing
Whisk milk and pudding until the pudding gets thick. Fold in Cool Whip until well combined. (Fold carefully to keep it light and fluffy.)
Frost the cake
Place one layer on a cake turntable and smooth frosting over the top. Place the next layer on it and frost the top, repeat if you have another layer. If it's a two-layer cake frost the sides and refrigerate until ready to serve.
Store this cake in an airtight container in the refrigerator for up to 5 days. the frosting will begin to break down after that. You can freeze the layers, but this frosting does not freeze well.
Notes
For the cake mix, use the ingredients listed here, not what's listed on the cake mix box.
This cake can be made into a 9x13-inch cake or cupcakes. Follow the times indicated on the cake mix box for cooking times. Watch carefully.