This guide uses Winaero Tweaker for demonstration, but you can choose any program that you like. Note: Although you can always tweak Windows registry and customize its appearance, it’s comparatively safer, easier, and more straightforward to use any third-party app that is specifically designed to serve such purposes.
Nevertheless, if you’re more into cosmetics and love to play with operating system’s appearance, here’s how you can change the shortcut arrow icon in Windows 10:
That said, most users are used to identifying a shortcut icon with the help of the arrow, and changing it to something different might create some confusion. Generally, it’s the small arrow at the lower-left corner of an icon that distinguishes an actual file from its shortcut that, even though is a file itself and is of small size, when double-clicked, points to the main file and launches it.