diff --git a/meson.build b/meson.build
index 15dff0a8d3..1c1afcc9b8 100644
--- a/meson.build
+++ b/meson.build
@@ -3640,6 +3640,7 @@ if host_machine.system() == 'windows'
     '@OUTPUT@',
     get_option('prefix'),
     meson.current_source_dir(),
+    config_host['GLIB_BINDIR'],
     host_machine.cpu(),
     '--',
     '-DDISPLAYVERSION=' + meson.project_version(),
diff --git a/scripts/nsis.py b/scripts/nsis.py
index 462d6cac3b..03ed7608a2 100644
--- a/scripts/nsis.py
+++ b/scripts/nsis.py
@@ -18,26 +18,52 @@ def signcode(path):
         return
     subprocess.run([cmd, path])
 
+def find_deps(exe_or_dll, search_path, analyzed_deps):
+    deps = [exe_or_dll]
+    output = subprocess.check_output(["objdump", "-p", exe_or_dll], text=True)
+    output = output.split("\n")
+    for line in output:
+        if not line.startswith("\tDLL Name: "):
+            continue
+
+        dep = line.split("DLL Name: ")[1].strip()
+        if dep in analyzed_deps:
+            continue
+
+        dll = os.path.join(search_path, dep)
+        if not os.path.exists(dll):
+            # assume it's a Windows provided dll, skip it
+            continue
+
+        analyzed_deps.add(dep)
+        # locate the dll dependencies recursively
+        rdeps = find_deps(dll, search_path, analyzed_deps)
+        deps.extend(rdeps)
+
+    return deps
 
 def main():
     parser = argparse.ArgumentParser(description="QEMU NSIS build helper.")
     parser.add_argument("outfile")
     parser.add_argument("prefix")
     parser.add_argument("srcdir")
+    parser.add_argument("dlldir")
     parser.add_argument("cpu")
     parser.add_argument("nsisargs", nargs="*")
     args = parser.parse_args()
 
+    # canonicalize the Windows native prefix path
+    prefix = os.path.splitdrive(args.prefix)[1]
     destdir = tempfile.mkdtemp()
     try:
-        subprocess.run(["make", "install", "DESTDIR=" + destdir + os.path.sep])
+        subprocess.run(["make", "install", "DESTDIR=" + destdir])
         with open(
-            os.path.join(destdir + args.prefix, "system-emulations.nsh"), "w"
+            os.path.join(destdir + prefix, "system-emulations.nsh"), "w"
         ) as nsh, open(
-            os.path.join(destdir + args.prefix, "system-mui-text.nsh"), "w"
+            os.path.join(destdir + prefix, "system-mui-text.nsh"), "w"
         ) as muinsh:
             for exe in sorted(glob.glob(
-                os.path.join(destdir + args.prefix, "qemu-system-*.exe")
+                os.path.join(destdir + prefix, "qemu-system-*.exe")
             )):
                 exe = os.path.basename(exe)
                 arch = exe[12:-4]
@@ -61,22 +87,36 @@ def main():
                 !insertmacro MUI_DESCRIPTION_TEXT ${{Section_{0}}} "{1}"
                 """.format(arch, desc))
 
-        for exe in glob.glob(os.path.join(destdir + args.prefix, "*.exe")):
+        search_path = args.dlldir
+        print("Searching '%s' for the dependent dlls ..." % search_path)
+        dlldir = os.path.join(destdir + prefix, "dll")
+        os.mkdir(dlldir)
+
+        for exe in glob.glob(os.path.join(destdir + prefix, "*.exe")):
             signcode(exe)
 
+            # find all dll dependencies
+            deps = set(find_deps(exe, search_path, set()))
+            deps.remove(exe)
+
+            # copy all dlls to the DLLDIR
+            for dep in deps:
+                dllfile = os.path.join(dlldir, os.path.basename(dep))
+                if (os.path.exists(dllfile)):
+                    continue
+                print("Copying '%s' to '%s'" % (dep, dllfile))
+                shutil.copy(dep, dllfile)
+
         makensis = [
             "makensis",
             "-V2",
             "-NOCD",
             "-DSRCDIR=" + args.srcdir,
-            "-DBINDIR=" + destdir + args.prefix,
+            "-DBINDIR=" + destdir + prefix,
         ]
-        dlldir = "w32"
         if args.cpu == "x86_64":
-            dlldir = "w64"
             makensis += ["-DW64"]
-        if os.path.exists(os.path.join(args.srcdir, "dll")):
-            makensis += ["-DDLLDIR={0}/dll/{1}".format(args.srcdir, dlldir)]
+        makensis += ["-DDLLDIR=" + dlldir]
 
         makensis += ["-DOUTFILE=" + args.outfile] + args.nsisargs
         subprocess.run(makensis)