Preheat the oven to 350 degrees F. Grease a 9x13-inch baking dish lightly with butter or nonstick cooking spray. Set aside.
Place the softened cream cheese into a large mixing bowl. Stir until smooth and creamy with no large lumps remaining.
Add the sweetened condensed milk to the cream cheese. Mix well until fully combined and smooth.
Pour in the key lime juice and add the lime zest. Stir until the mixture becomes creamy and slightly thickened.
Pour the key lime filling into the prepared baking dish. Spread evenly using a spatula so the filling reaches all corners of the dish.
Sprinkle the dry yellow cake mix evenly over the lime filling layer. Do not stir the layers together.
Slowly drizzle the melted butter over the top of the dry cake mix. Try to cover as much of the cake mix as possible for even baking.
Place the baking dish into the oven and bake for 40 to 45 minutes or until the top is golden brown and the edges are bubbly.
Remove the cake from the oven and let it cool for at least 20 minutes before serving. The filling will continue to set as it cools.
Top with whipped topping, graham cracker crumbs, and extra lime zest before serving if desired.