Sub imgchange()
    Dim Rng As Range
    Dim Cell As Range
    Dim Pic As Picture
    Application.ScreenUpdating = False
    Set Rng = Range("D2:D" & Range("c" & Rows.Count).End(xlUp).Row)
    For Each Cell In Rng
        With Cell
            Set Pic = .Parent.Pictures.Insert(.Value)
            With .Offset(, 5)
                Pic.Top = .Top
                Pic.Left = .Left
                Pic.Height = .Height
                Pic.Width = .Width
            End With
        End With
    Next Cell
    Application.ScreenUpdating = True
End Sub

  代码没问题，低版本兼容，我用的是excel2010，执行容易崩溃，执行不了的看看

 选项-信任中心-信任中心设置-宏设置是否打开启用

ok