Set up a draining station by stacking three paper towels and placing a wire rack on top.
Pour canola oil into a deep frying pan or Dutch oven to a depth of about 2 inches and heat over medium until the oil reaches 325°F on a deep-fry thermometer.
While the oil heats, whisk the 2 beaten eggs and 1 cup milk together in a shallow bowl until combined.
In a separate shallow bowl, combine the 1 cup Italian seasoned breadcrumbs and 1 cup Panko breadcrumbs.
Working with one ravioli at a time, dip each piece into the egg‑milk mixture to coat, allowing excess to drip off.
Dredge the coated ravioli in the breadcrumb mixture, pressing gently so the crumbs adhere.
Fry 3–5 ravioli at a time (depending on pan size) for 1–3 minutes or until crisp and golden brown, stirring and flipping occasionally with a slotted spoon or spider.
Transfer fried ravioli to the prepared wire rack to drain and immediately sprinkle with the 1/4 cup freshly grated Parmesan cheese.
Repeat the dredging and frying process until all ravioli are cooked, then serve with marinara, honey mustard, or your preferred dipping sauce.