Use full absolute paths for local targets and OneDrive Copy link URLs for cloud targets instead of links that Excel can resolve relative to PERSONAL.XLSB.
Excel treats unspecified file paths as relative to the active workbook by default. Because PERSONAL.XLSB resides in XLSTART and opens automatically in the background, relative links can be resolved from that startup location rather than from the location you expected. Internet links remain stable because they already contain a complete URL. ^1^ ^2^
Replace local links with absolute paths
For each affected link:
- Select the hyperlink cell in
PERSONAL.XLSB.
- Press Ctrl+K or right-click it and select Link.
- Select Existing File or Web Page.
- In Address, enter or browse to the complete path, for example:
-
C:\Users\<username>\Documents\Reports\Report.xlsx
-
C:\Projects\Current
- Select OK, save
PERSONAL.XLSB, close Excel, and reopen it to test the saved link.
Excel also supports an explicit path through the HYPERLINK function:
=HYPERLINK("C:\Users\<username>\Documents\Reports\Report.xlsx","Open report")
The target must continue to exist at exactly that path. Renaming or moving the file, changing the Windows user profile, or using the workbook on another computer will invalidate an absolute local path. Excel documents both full-path and relative-path hyperlink forms. ^1^
Replace OneDrive sync-folder paths with OneDrive web links
A path such as C:\Users\<username>\OneDrive\... points to the local synchronized copy and depends on the current OneDrive sync root. Replace it with the cloud URL:
- In File Explorer, right-click the OneDrive file or folder.
- Select Share a OneDrive link. Alternatively, open OneDrive on the web, select the item, and choose Share > Copy Link.
- In Excel, select the hyperlink cell and press Ctrl+K.
- Paste the copied URL into Address, select OK, and save
PERSONAL.XLSB.
Review the link’s permission setting when necessary; copied links can grant edit access depending on the selected sharing configuration. [^3^](https://support.microsoft.com/onedrive/share-files-and-folders-in-microsoft-onedrive "Share with "Copy link"")
If these are workbook data links rather than clickable hyperlinks
External formulas referencing another workbook follow additional relative-path storage rules. Excel generally stores workbook links relatively whenever possible, and those links remain valid only while the source and destination retain the same relative locations. XLStart also receives special handling: when a source workbook is in the user-profile XLStart folder, Excel may store an XLStart property and only the filename. ^4^
For that case, inspect Data > Workbook Links and update the source to the intended file. Do not choose Break Links unless conversion of the formulas to their current values is acceptable.
Avoid deleting Office registry keys as a first-line repair. The reported registry workaround concerns hyperlinks that never open in either Excel or Word, which does not match links that intermittently change or break.
References
- [Windows](https://support.microsoft.com/excel/work-with-links-in-excel)
- Create and save all your macros in a single workbook
- [Share with "Copy link"](https://support.microsoft.com/onedrive/share-files-and-folders-in-microsoft-onedrive)
- Description of workbook link management and storage in Excel