Hi Gig,
Thank you for your message in this forum.
I have tested it on our side according to your description and I cannot reproduce the same situation as yours, as steps shown below:
I went to a folder and found a Excel file, then I opened it > Insert > Link and I selected the image stored in the local, as shown below:

Then I also pasted the link of the image stored in OneDrive into Excel file, as shown below:

Then I moved this Excel file to another folder, then I clicked the both link, I can access all images.
May I know if the steps above are consistent with yours? If not, could you provide detailed steps about how you insert links of images?
At the same time, I also want to give you some suggestions below and hope that will help you:
- Please refer to this article: Update history for Office 365 ProPlus to update your Excel to the latest version.
- You can open your Excel in safe mode to check if the same problem will occur. It will help in identifying an add-in or extension that may be causing a problem on startup.
As steps shown below: Right-click the Start button (lower-left corner) in Windows, and click Run.> In the Run box, type one of the command:
excel /safe
- You can go to Control Panel > Programs > Programs and Features > select the Office > right-click and select Change > Online repair.
To answer your questions:
For the first question: If you just change the location of Excel file instead of image’s, there is no need to change the link of images. If you change the location of images, you may need to edit and change the link of images.
For the second question: If you just insert the link of the image stored in the computer locally, then you send the file to the others via email, the others cannot access the image link. It is an expected behavior. Because the link of image is the location
of your computer, so the others cannot access the link.
At the same time, to better understand your situation, I want to confirm the information below with you:
- Could you provide the Product Information and version of your Excel? You can go to Excel File > Account > Product Information and provide the screenshot of it.(Please remove you email address)
- Could you provide detailed steps about how you insert links of images?
- Could you provide the screenshot of error message?
Best Regards,
Sukie