How to set Java SDK path in AndroidStudio?

I had Java 1.7.0_21 installed and I installed 1.7.0_45 today after uninstalling the previous version. Now Android Studio has stopped compiling projects and says that it cant locate the 1.7.0_21 folder. How can I set the new path for Java SDK? I have changed the environment variables also but didn't work.

Up to Android Studio 4.2

Go to File > Project Structure > SDK Location. The third field is "JDK Location" where you can set it. This will set it for the current project.

To set the default for new projects, go to File > Other Settings > Default Project Structure > SDK Location and set the "JDK Location".

Android Studio Arctic Fox (2020.3.1)

In the Canary 14 of Android Studio Arctic Fox (2020.3.1), the JDK Location setting is moved to:

Settings > Build, Execution, Deployment > Build Tools > Gradle > Gradle JDK

Older Versions

Go to File > Project Structure > [Platform Settings] > SDKs. You'll need to either update you current SDK configuration to use the new directory, or define a new one and then change your project's settings to use the new one. This will set it for the current project.

To set the default for new projects, go to File > Other Settings > Structure for New Projects > [Platform Settings] > SDKs and set the SDK to use when creating a new project.

Go to File> Project Structure (or press Ctrl+Alt+Shift+S), A popup will open now go to SDK Location Tab you will find JDK Location there refer this image to be more clear.