. . . . I create a new project the Photostory slideshow can not read the iPhone photo format HEIC . . . .
Assuming you are still using Photostory 2021, there is no information to say it supports heic images.
In which case, you will need to use an image editor to convert them to jpg format.
Testing with Photostory 2022 it does import heic images, at least those from a Samsung mobile, whether it will import iPhone heic may need testing as Apple products tend to have the occassional odd issue with 'standard formats'.
Thank you John, Yes I am using Photostory 2021 and iPhone 13. It will be a nightmare to convert few hundreds photo to JPG format if it is the case. I hope Photostory will update the software and allow import HECI photo
As @johnebaker suggests, you need to update to PS 2022 if you are to have any chance of importing your HEIC images. This update/upgrade is one you need to purchase if your Update Service has expired and you have not renewed it.
There are several free image converters avaiiable on the Internet that can batch convert image file formats - this one by NCH is one I have used before and gives good results.