How to change folder icon - Version 1.4 How to change folder icon? Use this handy shell extension that enables you to quickly change folder icons to indicate a priority level or project status, or you can use it to mark a folder with a special icon or color of your choice. Right-click on any folder and select the icon or color to be used from the newly added menu option. It is one of those little utilities that once you have it you wonder how you ever did with out it.