Android Studio is a development environment that's been in testing since last year, and has just recently emerged from alpha status and is moving into beta. A bit part of the update is to support the Android L preview that was released at Google I/O, but Studio also has early support for Android Wear and Android TV as well. This includes templates, layout rendering, and everything else you need to get cooking.
You can check out a deep dive of the new tools in the video above. Developers interested in trying out the latest Android Studio can get installing from here, and check out the detailed changelog here. Have any of you tried out the earlier versions of Android Studio? Thinking of giving this updated version a whirl?
Source: Android Developers