I have installed VS 2010 professional with full installation in Windows 7.
I have installed Silverlight 5.0 separately.
When I create silverlight application, i
The simplest fix is to uninstall then re-install the Silverlight developer runtime as shown below when executed from a console window (for the 64 bit version):
Silverlight_Developer_x64.exe /qu
Silverlight_Developer_x64.exe
Note that you need to wait for the silent uninstall to complete, so give it a couple minutes before executing the re-install.
By the way, this issue is affecting everyone that had a previous installation of the SL developer runtime installed and upgraded to Windows 8.1!!
Uninstall Silverlight version 5 and then reinstall it using the link provided from visual studio.
This worked for me.
In addition to installing Silverlight 5, I had to install the Silverlight 4 SDK:
I found the following link very useful
Microsoft Silverlight release history
Service Pack 1 needed for Silverlight 5.
I suggest to(based on my recent experience)