Installed Qt using qt-opensource-windows-x86-msvc2012_opengl-5.4.1.exe to C:\Qt\Qt5.4.1-x86-msvc2013_opengl\5.4\msvc2013_opengl directory.

Move the binaries to D:\temp\o\rary\Qt\5.4\msvc2013_opengl directory.

Open Qt Creator to create a Qt Quick application, given the name qtquickapplicationtest in this example.

After I move to another location, for example, D:\temp\o\rary\Qt\5.4\msvc2013_opengl directory, qmake does not fully uses the new location as current path.

LIBS          = glu32.lib opengl32.lib gdi32.lib user32.lib /LIBPATH:D:\temp\o\rary\Qt\5.4\msvc2013_opengl\lib D:\temp\o\rary\Qt\5.4\msvc2013_opengl\lib\qtmain.lib shell32.lib /LIBPATH:C:\Qt\Qt5.4.1-x86-msvc2013_opengl\5.4\msvc2013_opengl\lib C:\Qt\Qt5.4.1-x86-msvc2013_opengl\5.4\msvc2013_opengl\lib\Qt5Core.lib D:\temp\o\rary\Qt\5.4\msvc2013_opengl\lib\Qt5Quick.lib D:\temp\o\rary\Qt\5.4\msvc2013_opengl\lib\Qt5Widgets.lib D:\temp\o\rary\Qt\5.4\msvc2013_opengl\lib\Qt5Gui.lib D:\temp\o\rary\Qt\5.4\msvc2013_opengl\lib\Qt5Qml.lib D:\temp\o\rary\Qt\5.4\msvc2013_opengl\lib\Qt5Network.lib D:\temp\o\rary\Qt\5.4\msvc2013_opengl\lib\Qt5Core.lib 

Notice that the /LIBPATH:C:\Qt\Qt5.4.1-x86-msvc2013_opengl\5.4\msvc2013_opengl\lib C:\Qt\Qt5.4.1-x86-msvc2013_opengl\5.4\msvc2013_opengl\lib\Qt5Core.lib is still pointing to the old path, which does not exist.

Other similar paths are correctly setup with the new location after the move.