To access the Asset Studio wizard, in the Project Tool Window, right-click the
res folder and select New | Image Asset from the popup menu.
The Asset Studio wizard is a convenient tool that allows you to create icons for your Android applications. It creates multiple icons for different screen resolutions and lets you see a live preview in the process of creating. You can create icons using your own images, clipart images, or text, configure the background shape, the colors, the fonts, etc.