How to install Multiple Android Studio Versions

It's possible to have multiple versions of Android Studio installed simultaneously.You can install the new version without replacing your existing stable install.

Android Studio stores its settings in version specific folders; the exact locations depend on the operating system (and the versions of the IDE), but for example, if you have both Android Studio 1.5.1 and Android Studio 2.0 Preview 1 installed, these will consult settings in different directory.

Therefore, once you've installed the two versions, you can use them, even side by side, and they should not interfere with each other. (Note however that newer versions of the may change some of the configuration data in your projects (such as code style settings in .idea).