Drain mandarin oranges, reserving juice; set fruit aside. In a large saucepan, bring mandarin orange juice and water to a boil; remove from the heat. Stir in gelatin until dissolved. Stir in pie filling and cola.
Pour into a 1-1/2-qt. serving bowl. Refrigerate for 50 minutes or until slightly thickened. Fold in reserved oranges. Refrigerate 3 hours longer or until set.