How to Change Android SDK Path in Android Studio

From Android Studio 1.0.1 and above

Go to

1. File -> project Structure into Project Structure
2. Left -> SDK Location
3. SDK location select Android SDK location (old version use Press +, add another sdk)

Or

1. Close current Project (File->Close project)

       You'll get a Welcome to Android Studio Dialog. In that:

2. Click on Configure -> Project Defaults -> Project Structure

3. Click on SDK Location in the left column

4. Put the path to the Android SDK in "Android SDK location" field.

     (Example SDK location: C:\android-sdk; I have sub-folders like add-ons, platforms etc under C:\android-sdk)

5. Click OK to save changes