diff --git a/CMakeLists.txt b/CMakeLists.txt
index 5d13d17..111482f 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -105,6 +105,39 @@ if(MAGNUM_WITH_PYTHON AND MAGNUM_BUILD_STATIC AND UNIX)
     option(MAGNUM_BUILD_PYTHON_BINDINGS_RTLD_GLOBAL "Build Python bindings linking to static libraries with RTLD_GLOBAL enabled for loading" ON)
 endif()
 
+# Python since version 3.8 doesn't take dependency DLLs implicitly from PATH
+# anymore, and one has to either place them right next to the Python modules,
+# into system locations, or add extra paths via os.add_dll_directory().
+#
+# Be nice to the user and implicitly populate that with Corrade and Magnum DLL
+# directories, if found, on the first run. Anything else (such as SDL or GLFW
+# DLL path) has to be specified by the user.
+if(MAGNUM_WITH_PYTHON AND WIN32)
+    # Do this lookup only on the first ever run. But add the option always, so
+    # in case it's passed via command line in the initial CMake run, it
+    # actually becomes a cached option with a help text and not just a loose
+    # variable.
+    if(NOT MAGNUM_PYTHON_BINDINGS_DLL_PATH)
+        set(dll_path )
+        foreach(dll_variable CORRADE_UTILITY_DLL_DEBUG CORRADE_UTILITY_DLL_RELEASE MAGNUM_DLL_DEBUG MAGNUM_DLL_RELEASE)
+            if(${dll_variable})
+                get_filename_component(dll_directory ${${dll_variable}} DIRECTORY)
+                list(APPEND dll_path ${dll_directory})
+            endif()
+        endforeach()
+        list(REMOVE_DUPLICATES dll_path)
+
+        # If no DLLs were found, it means Corrade and Magnum is static and thus no
+        # DLL directories may need to be passed
+        if(dll_path)
+            message(STATUS "Autodetected ${dll_path} as directories to pass to Python for finding Corrade, Magnum and other dependency DLLs. Update the MAGNUM_PYTHON_BINDINGS_DLL_PATH variable if needed.")
+        endif()
+    endif()
+
+    # This variable is then used in src/python/corrade/__init__.py.in
+    set(MAGNUM_PYTHON_BINDINGS_DLL_PATH "${dll_path}" CACHE STRING "Semicolon-separated directories where to look for Corrade, Magnum and other dependency DLLs")
+endif()
+
 # Backwards compatibility for unprefixed CMake options. If the user isn't
 # explicitly using prefixed options in the first run already, accept the
 # unprefixed options, and remember this decision for subsequent runs
diff --git a/doc/python/pages/building.rst b/doc/python/pages/building.rst
index 363a0b0..7474f7a 100644
--- a/doc/python/pages/building.rst
+++ b/doc/python/pages/building.rst
@@ -29,6 +29,8 @@ Downloading and building
 
 .. role:: sh(code)
     :language: sh
+.. role:: bat(code)
+    :language: bat
 
 :summary: Installation guide for the Python bindings.
 :ref-prefix:
@@ -176,6 +178,16 @@ depending on Magnum loaded later. See also
 :dox:`MAGNUM_BUILD_STATIC_UNIQUE_GLOBALS` in Corrade and Magnum for more
 information.
 
+On Windows, Python since version 3.8 no longer loads dependency DLLs from
+:bat:`%PATH%`. Instead, it requires relevant DLL directories to be explicitly
+passed to :ref:`os.add_dll_directory()`. CMake by default adds the (absolute)
+path to Corrade and Magnum DLLs there, you can edit the path or add additional
+directories for other dependencies (such as SDL or GLFW) using the
+``MAGNUM_PYTHON_BINDINGS_DLL_PATH`` CMake option. Non-absolute paths are
+interpreted as relative to the package root --- for example, if the Corrade
+module is in ``tools/python/corrade/``, specifying ``bin/`` as the DLL path
+will resolve to ``tools/bin/``.
+
 `Running unit tests`_
 ---------------------
 
diff --git a/src/python/corrade/__init__.py.in b/src/python/corrade/__init__.py.in
index 2b4dd8b..1e26939 100644
--- a/src/python/corrade/__init__.py.in
+++ b/src/python/corrade/__init__.py.in
@@ -39,16 +39,22 @@ ${_MAGNUM_BUILD_PYTHON_BINDINGS_RTLD_GLOBAL}sys.setdlopenflags(sys.getdlopenflag
 import platform
 if platform.system() == 'Windows':
     import os
+    # os.add_dll_directory() is only since Python 3.8, in earlier versions
+    # PATH is used and that alone may be sufficient
+    if hasattr(os, 'add_dll_directory'):
+        # The variable might be empty, or might contain empty parts, so skip
+        # all empty items. There's no splitWithoutEmptyParts() like in Corrade,
+        # sigh. Using """ to prevent accidental syntax errors if the path
+        # itself would contain quotes.
+        for directory in """${MAGNUM_PYTHON_BINDINGS_DLL_PATH}""".split(';'):
+            if not directory:
+                continue
 
-    for directory in [
-        # Prebuilt binaries from the magnum-ci repo have this file in
-        # python/corrade/ and DLLs in bin/
-        '../../bin'
-    ]:
-        bin_path = os.path.join(os.path.dirname(__file__), directory)
-        if os.path.exists(bin_path):
-            os.add_dll_directory(bin_path)
-            break
+            # If the directory is relative, interpret is as relative to parent
+            # dir. Also add it only if it exists.
+            bin_path = os.path.join(os.path.dirname(os.path.dirname(__file__)), directory)
+            if os.path.exists(bin_path):
+                os.add_dll_directory(bin_path)
 
 from _corrade import *