diff --git a/src/plugins/conan/CMakeLists.txt b/src/plugins/conan/CMakeLists.txt
index e6fdf0f5873..7833f6c970e 100644
--- a/src/plugins/conan/CMakeLists.txt
+++ b/src/plugins/conan/CMakeLists.txt
@@ -1,6 +1,7 @@
 add_qtc_plugin(Conan
   PLUGIN_DEPENDS Core ProjectExplorer
   SOURCES
+    conanconstants.h
     conaninstallstep.cpp conaninstallstep.h
     conanplugin.cpp conanplugin.h
     conansettings.cpp conansettings.h
diff --git a/src/plugins/conan/conan.pro b/src/plugins/conan/conan.pro
index af1f0b19e04..157bdb509a3 100644
--- a/src/plugins/conan/conan.pro
+++ b/src/plugins/conan/conan.pro
@@ -5,6 +5,7 @@ SOURCES += \
     conanplugin.cpp \
     conansettings.cpp
 HEADERS += \
+    conanconstants.h \
     conaninstallstep.h \
     conanplugin.h \
     conansettings.h
diff --git a/src/plugins/conan/conan.qbs b/src/plugins/conan/conan.qbs
index af56a9a54b1..57e2351b4f7 100644
--- a/src/plugins/conan/conan.qbs
+++ b/src/plugins/conan/conan.qbs
@@ -10,6 +10,7 @@ QtcPlugin {
     Depends { name: "ProjectExplorer" }
 
     files: [
+        "conanconstants.h",
         "conaninstallstep.h",
         "conaninstallstep.cpp",
         "conanplugin.h",
diff --git a/src/plugins/conan/conanconstants.h b/src/plugins/conan/conanconstants.h
new file mode 100644
index 00000000000..c9f1436acef
--- /dev/null
+++ b/src/plugins/conan/conanconstants.h
@@ -0,0 +1,34 @@
+/****************************************************************************
+**
+** Copyright (C) 2021 The Qt Company Ltd.
+** Contact: https://www.qt.io/licensing/
+**
+** This file is part of Qt Creator.
+**
+** Commercial License Usage
+** Licensees holding valid commercial Qt licenses may use this file in
+** accordance with the commercial license agreement provided with the
+** Software or, alternatively, in accordance with the terms contained in
+** a written agreement between you and The Qt Company. For licensing terms
+** and conditions see https://www.qt.io/terms-conditions. For further
+** information use the contact form at https://www.qt.io/contact-us.
+**
+** GNU General Public License Usage
+** Alternatively, this file may be used under the terms of the GNU
+** General Public License version 3 as published by the Free Software
+** Foundation with exceptions as appearing in the file LICENSE.GPL3-EXCEPT
+** included in the packaging of this file. Please review the following
+** information to ensure the GNU General Public License requirements will
+** be met: https://www.gnu.org/licenses/gpl-3.0.html.
+**
+****************************************************************************/
+
+#pragma once
+
+namespace ConanPackageManager {
+namespace Constants {
+
+const char INSTALL_STEP[]  = "ConanPackageManager.InstallStep";
+
+} // namespace Constants
+} // namespace ConanPackageManager
diff --git a/src/plugins/conan/conaninstallstep.cpp b/src/plugins/conan/conaninstallstep.cpp
index 9f3e22575b9..8d7a4adf315 100644
--- a/src/plugins/conan/conaninstallstep.cpp
+++ b/src/plugins/conan/conaninstallstep.cpp
@@ -23,6 +23,7 @@
 **
 ****************************************************************************/
 
+#include "conanconstants.h"
 #include "conaninstallstep.h"
 #include "conanplugin.h"
 #include "conansettings.h"
@@ -67,7 +68,8 @@ ConanInstallStep::ConanInstallStep(BuildStepList *bsl, Id id)
 
     auto conanFile = addAspect<StringAspect>();
     conanFile->setSettingsKey("ConanPackageManager.InstallStep.ConanFile");
-    conanFile->setFilePath(project()->projectDirectory() / "conanfile.txt");
+    conanFile->setFilePath(ConanPlugin::conanFilePath(project(),
+                           project()->projectDirectory() / "conanfile.txt"));
     conanFile->setLabelText(tr("Conan file:"));
     conanFile->setToolTip(tr("Enter location of conanfile.txt or conanfile.py."));
     conanFile->setDisplayStyle(StringAspect::PathChooserDisplay);
@@ -134,7 +136,7 @@ void ConanInstallStep::setupOutputFormatter(OutputFormatter *formatter)
 
 ConanInstallStepFactory::ConanInstallStepFactory()
 {
-    registerStep<ConanInstallStep>("ConanPackageManager.InstallStep");
+    registerStep<ConanInstallStep>(Constants::INSTALL_STEP);
     setDisplayName(ConanInstallStep::tr("Run conan install"));
 }
 
diff --git a/src/plugins/conan/conanplugin.cpp b/src/plugins/conan/conanplugin.cpp
index 5bd05462234..4e548774f2a 100644
--- a/src/plugins/conan/conanplugin.cpp
+++ b/src/plugins/conan/conanplugin.cpp
@@ -23,15 +23,24 @@
 **
 ****************************************************************************/
 
+#include "conanconstants.h"
 #include "conaninstallstep.h"
 #include "conanplugin.h"
 #include "conansettings.h"
 
 #include <coreplugin/icore.h>
-#include <projectexplorer/projectmanager.h>
+#include <projectexplorer/buildconfiguration.h>
 #include <projectexplorer/buildmanager.h>
+#include <projectexplorer/buildsteplist.h>
+#include <projectexplorer/project.h>
+#include <projectexplorer/projectmanager.h>
+#include <projectexplorer/projecttree.h>
+#include <projectexplorer/session.h>
+#include <projectexplorer/target.h>
 
 using namespace Core;
+using namespace ProjectExplorer;
+using namespace Utils;
 
 namespace ConanPackageManager {
 namespace Internal {
@@ -58,15 +67,52 @@ bool ConanPlugin::initialize(const QStringList &arguments, QString *errorString)
     m_runData = new ConanPluginRunData;
     conanSettings()->fromSettings(ICore::settings());
 
+    connect(SessionManager::instance(), &SessionManager::projectAdded,
+            this, &ConanPlugin::projectAdded);
+
     return true;
 }
 
+static void connectTarget(Project *project, Target *target)
+{
+    if (!ConanPlugin::conanFilePath(project).isEmpty()) {
+        const QList<BuildConfiguration *> buildConfigurations = target->buildConfigurations();
+        for (BuildConfiguration *buildConfiguration : buildConfigurations)
+            buildConfiguration->buildSteps()->appendStep(Constants::INSTALL_STEP);
+    }
+    QObject::connect(target, &Target::addedBuildConfiguration,
+                     target, [project] (BuildConfiguration *buildConfiguration) {
+        if (!ConanPlugin::conanFilePath(project).isEmpty())
+            buildConfiguration->buildSteps()->appendStep(Constants::INSTALL_STEP);
+    });
+}
+
+void ConanPlugin::projectAdded(Project *project)
+{
+    connect(project, &Project::addedTarget, project, [project] (Target *target) {
+        connectTarget(project, target);
+    });
+}
+
 ConanSettings *ConanPlugin::conanSettings()
 {
     static ConanSettings theSettings;
     return &theSettings;
 }
 
+FilePath ConanPlugin::conanFilePath(Project *project, const FilePath &defaultFilePath)
+{
+    const FilePath projectDirectory = project->projectDirectory();
+    // conanfile.py takes precedence over conanfile.txt when "conan install dir" is invoked
+    const FilePath conanPy = projectDirectory / "conanfile.py";
+    if (conanPy.exists())
+        return conanPy;
+    const FilePath conanTxt = projectDirectory / "conanfile.txt";
+    if (conanTxt.exists())
+        return conanTxt;
+    return defaultFilePath;
+}
+
 
 } // namespace Internal
 } // namespace ConanPackageManager
diff --git a/src/plugins/conan/conanplugin.h b/src/plugins/conan/conanplugin.h
index b26a7382761..df68681457a 100644
--- a/src/plugins/conan/conanplugin.h
+++ b/src/plugins/conan/conanplugin.h
@@ -26,6 +26,9 @@
 #pragma once
 
 #include <extensionsystem/iplugin.h>
+#include <utils/fileutils.h>
+
+namespace ProjectExplorer { class Project; }
 
 namespace ConanPackageManager {
 namespace Internal {
@@ -39,9 +42,12 @@ class ConanPlugin final : public ExtensionSystem::IPlugin
     Q_PLUGIN_METADATA(IID "org.qt-project.Qt.QtCreatorPlugin" FILE "Conan.json")
 public:
     static ConanSettings *conanSettings();
+    static Utils::FilePath conanFilePath(ProjectExplorer::Project *project,
+                           const Utils::FilePath &defaultFilePath = Utils::FilePath());
 
 private:
     ~ConanPlugin() final;
+    void projectAdded(ProjectExplorer::Project *project);
 
     void extensionsInitialized() final;
     bool initialize(const QStringList &arguments, QString *errorString) final;