I downloaded Android Studio and attempted to launch the program.
This is running on Windows 7 64-bit with Java 1.7. During the installation my Java 1.7 is detected,
I had the same issue. I am having 64 bit windows 8. I downloaded the android studio which worked on 32 bit machine but not on my 64 bit.
The solution for me was pretty simple. I navigated to
C:\Program Files (x86)\Android\android-studio\bin
there I saw 2 exe files studio.exe and studio64.exe. Normally in my start menu was pointing to studio64.exe which alwasys kept on giving me "The enviournmental variable JDK_HOME does not point to valid JVM". So then I clicked studio.exe and it worked :)
I hope this may help someone facing same problem like me