Did you just open the old D7 project in Rio to start the migration? That is not a good idea for such a massive version jump.
After you have extracted the complete old project from version control, close all files and the RIO IDE and go to the project folder on disk and move all files not having one of the following extensions to a zip folder:
dpr, pas, res, rc, ico
If the project contains other resources you may keep them as well. The important part is to delete the old project file (do not remember what extension it used in D7, perhaps bdsproj, and the old cfg file as well.
Then open the IDE and open the project's dpr file. This will create a new project file. The project will show up in the project manager view and should have the Win32 target assigned automatically. It will also have a default build configuration assigned, but the settings used for that will not all be suitable for your project. So the next step is to open the project options dialog (from the Project menu or the project manager view's context menu) and adjust the settings, especially the search and output pathes.
Beware! The settings dialog is completely different from the one you may know from D7! Since you can have multiple build configurations for multiple target platforms the settings are organized as a kind of hierarchy, and you have to first select the correct hierarchy level for the settings you want to modify. You do this using the combo box at the top of the right-side pane, pick "32 bit windows platform" under "all configurations".
In the left-hand treeview you should have the top node (Delphi compiler) selected, that shows the page with the project-specific path settings on the right. The most important things here to get your project to compile are the unit scope names and the search path.
Delphi uses namespace-like scope names on the run-time and framework units and has done so since many versions. But D7 did not use unit scope names. To make migration easier the IDE and the compiler will automatically search for units named in Uses clauses within the scopes listed in the unit scope names field if the unit is not found by the given name (the System scope is always searched, though).
The default list contains the most frequently used scopes, but you have to make sure that VCL and VCL.Win are in the list as well.
The search path becomes important if your project uses custom units not located in the project folder (where the dpr file and the generated dproj file reside). You have to add all pathes for units there that are not found on the IDE library path (as dcu or pas).
I don't know how you organize your project files on disk. I usually use something like
projectname (dpr, dproj, cfg)
source (pas, inc)
bin (dcus)
exe (exe)
doc (documentation)
resources (rc and res files, files embedded in them)
test (unit tests and other test programs)
So the output folder path set in the dialog would be (without the quotes, of course) ".\exe".
The unit output path would be ".\bin\$(platform)\$(config)"
The search path would be ".\bin\$(platform)\$(config);.\source;$(common);$(include)"
"common" and "include" are environment variables defined in the IDE Options dialog that contain the pathes to my code library (not project specific units).
The resource compiler node on the left also has a search path setting, these are for rc and res files, but in my experience this has been a bit unreliable in recent versions; i often have to add rc files explicitely to a project to get them compiled and linked in.