I just updated my Android Studio to latest 3.0 and then the Layout Preview is not working anymore. I have tried open up different projects and they all have the same render
You need to install SDK platforms depends on which compat library you are using.
For example:
If you are using compile 'com.android.support:appcompat-v7:25.0.0'. Make sure SDk platforms API 25 is downloaded.
To check downloaded SDK platforms, goto
Tools-> Sdk Manager ->Sdk Platforms.
then download the required platforms depends on the library you are using.
Restart the Android studio to effect the changes.