Here are my steps for the task:

  • Create PNG image file of size 512x512 pixels
  • In Android Studio, in project view, highlight a mipmap directory
  • In menu, go to File>New>Image Asset
  • Click Image Button in Asset type button row
  • Click on 3 Dot Box at right of Path Box.
  • Drag image to source asset box
  • Click Next (Note: Existing launcher files will be overwritten)
  • Click Finish

Verbatim copy from: