Android Studio Failed To Load JVM DLL
Answer :
It is very late for my answer but still to the people who reference this in the future, I had the same issue. Mine was x64 bit OS and I was trying to open studio.exe which is x32 bit. I opened studio64.exe and it worked.
As well as JAVA_HOME which should be set to the jdk directory e.g. C:\Program Files\Java\jdk1.7.0_21 you also have to add a path to the jdk bin directory e.g. C:\Program Files\Java\jdk1.7.0_21\bin. As you already know how to set the JAVA_HOME variable adding the extra directory to the path variable is just the same but you have to edit an existing variable and add the path separated by a semicolon e.g. add ;C:\Program Files\Java\jdk1.7.0_21\bin to the end of the path. And then restart your PC, to start the Android Studio. More details at: Getting Started With Android Studio 
It works like this:
JAVA_HOME: C:\Program Files\Java\jdk1.7.0_21 
and
PATH: C:\Program Files\Java\jdk1.7.0_21\bin
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