diff --git a/src/plugins/platforms/windows/qwindowstheme.cpp b/src/plugins/platforms/windows/qwindowstheme.cpp
index 1379018793b..63d14756291 100644
--- a/src/plugins/platforms/windows/qwindowstheme.cpp
+++ b/src/plugins/platforms/windows/qwindowstheme.cpp
@@ -822,7 +822,6 @@ QPixmap QWindowsTheme::standardPixmap(StandardPixmap sp, const QSizeF &pixmapSiz
 {
     int resourceId = -1;
     SHSTOCKICONID stockId = SIID_INVALID;
-    UINT stockFlags = 0;
     LPCTSTR iconName = nullptr;
     switch (sp) {
     case DriveCDIcon:
@@ -846,14 +845,12 @@ QPixmap QWindowsTheme::standardPixmap(StandardPixmap sp, const QSizeF &pixmapSiz
         resourceId = 7;
         break;
     case FileLinkIcon:
-        stockFlags = SHGSI_LINKOVERLAY;
         Q_FALLTHROUGH();
     case FileIcon:
         stockId = SIID_DOCNOASSOC;
         resourceId = 1;
         break;
     case DirLinkIcon:
-        stockFlags = SHGSI_LINKOVERLAY;
         Q_FALLTHROUGH();
     case DirClosedIcon:
     case DirIcon:
@@ -867,7 +864,6 @@ QPixmap QWindowsTheme::standardPixmap(StandardPixmap sp, const QSizeF &pixmapSiz
         resourceId = 16;
         break;
     case DirLinkOpenIcon:
-        stockFlags = SHGSI_LINKOVERLAY;
         Q_FALLTHROUGH();
     case DirOpenIcon:
         stockId = SIID_FOLDEROPEN;
@@ -907,16 +903,34 @@ QPixmap QWindowsTheme::standardPixmap(StandardPixmap sp, const QSizeF &pixmapSiz
         break;
     }
 
+   // Even with SHGSI_LINKOVERLAY flag set, loaded Icon with SHDefExtractIcon doesn't have
+   // any overlay, so we avoid SHGSI_LINKOVERLAY flag and draw it manually (QTBUG-131843)
+    const auto drawLinkOverlayIcon = [](StandardPixmap sp, QPixmap &pixmap, QSizeF pixmapSize) {
+        if (sp == FileLinkIcon || sp == DirLinkIcon || sp == DirLinkOpenIcon) {
+            QPainter painter(&pixmap);
+            const QSizeF linkSize = pixmapSize / (pixmapSize.height() >= 48 ? 3 : 2);
+            const QPixmap link = loadIconFromShell32(16769, linkSize.toSize()); // 16769 = LinkOverlayIcon
+            const int yPos = pixmap.height() - link.size().height();
+            painter.drawPixmap(0, yPos, int(linkSize.width()), int(linkSize.height()), link);
+        }
+    };
+
+    const auto dpr = qGuiApp->devicePixelRatio(); // Highest in the system
+
     if (stockId != SIID_INVALID) {
         SHSTOCKICONINFO iconInfo;
         memset(&iconInfo, 0, sizeof(iconInfo));
         iconInfo.cbSize = sizeof(iconInfo);
-        stockFlags |= SHGSI_ICONLOCATION;
+        constexpr UINT stockFlags = SHGSI_ICONLOCATION;
         if (SHGetStockIconInfo(stockId, stockFlags, &iconInfo) == S_OK) {
             const auto iconSize = pixmapSize.width();
             HICON icon;
             if (SHDefExtractIcon(iconInfo.szPath, iconInfo.iIcon, 0, &icon, nullptr, iconSize) == S_OK) {
                 QPixmap pixmap = qt_pixmapFromWinHICON(icon);
+                if (!pixmap.isNull()) {
+                    drawLinkOverlayIcon(sp, pixmap, pixmap.size());
+                    pixmap.setDevicePixelRatio(dpr);
+                }
                 DestroyIcon(icon);
                 return pixmap;
             }
@@ -926,11 +940,8 @@ QPixmap QWindowsTheme::standardPixmap(StandardPixmap sp, const QSizeF &pixmapSiz
     if (resourceId != -1) {
         QPixmap pixmap = loadIconFromShell32(resourceId, pixmapSize);
         if (!pixmap.isNull()) {
-            if (sp == FileLinkIcon || sp == DirLinkIcon || sp == DirLinkOpenIcon) {
-                QPainter painter(&pixmap);
-                QPixmap link = loadIconFromShell32(30, pixmapSize);
-                painter.drawPixmap(0, 0, int(pixmapSize.width()), int(pixmapSize.height()), link);
-            }
+            drawLinkOverlayIcon(sp, pixmap, pixmapSize);
+            pixmap.setDevicePixelRatio(dpr);
             return pixmap;
         }
     }