Edit: Note that as of 2020, this tool is no longer available in Android Studio.
For those who are new in Android development and Material Design, managing the app theme and style can be a bit confusing. In Android Studio 1.4 a new tool, called Theme Editor was released to help this task.
The Theme Editor is a graphical tool. This first version focuses on editing and updating material theme colors. The changes are automatically updated and refreshed in the colors.xml resource file (res/values/colors.xml).
Future releases tend to cover more attributes related to styles and themes.
In order to access to the Theme Editor in the Android Studio navigate to Tools → Android → Theme Editor.
