Can I switch my m.2 nvme ssd onto a new motherboard?

Yes absolutely.  Windows 10 OS preinstalled on the ssd will automatically adjust to new motherboard hardware.  Win 10 may lose digital license activation afterwards.  But you can always use a new free Windows 7 key to activate it again.

@ZoferVFX Of course you can switch the M.2 NVMe to a new motherboard, but because of changes, especially the motherboard, you may have to reinstall the Windows OS.

I'll be upgrading from a Dell XPS 8930 motherboard to a Z390 MSI MPG Gaming Pro Carbon AC, do you think I'll face any problems?

You may need a new case too.

Dell typically uses customized connections between their motherboards and front panels. So you may have to map those connections in order to connect a non-XPS 8930 motherboard to the front panel in the XPS case...

EDIT: BTW: have you confirmed the Z390 MSI motherboard will fit in the XPS 8930 case?

I'll be switching to a Lian Li O11 Dynamic XL case.

@ZoferVFX I don't think you will encounter any problem you can't overcome, but the XPS 8930 uses an Intel Z370 chipset and the MSI motherboard by its name uses an Intel Z390 chipset, so the chipset drivers will be different. Your existing installation of Windows on the SSD will recognize that may be able to handle it without needing to reinstall the OS. But realize that the audio device drivers, the network drivers, etc. will most likely be different also; the number of drivers changes may result in your system not booting unless you do a fresh install of Windows. To be safe I would backup your data externally before making the switch.

While the parts listed in your original post would work as your plan, I think your concern is not with the nvme ssd itself but the softwares on it.  If that is the case, you can re-use the drive, but you will need a new Windows license. 

Yes, the softwares and my data store in the nvme ssd since some are really important. Thanks for the heads up, I'll be sure to purchase a license!

Could you recommend me any ways to backup my data, such as my photos and documents?

@ZoferVFX Before purchasing a license you should try the Windows installation. Your Windows installation may activate with your Microsoft login. 

You could create an image of the entire drive using Macrium Reflect (free) and save the image on external USB HDD before you do the transplant. That way you could always put that same image back on the original SSD (or on another drive) that could the XPS 8930.

Macrium images can be "mounted" as a separate drive with their own drive letter on any PC. That allows you to open/copy/edit/save any personal file stored in the image, just like any other file on any other drive. You can even save a copy of files in the image on a different ("real") drive, outside the image.

Keep in mind the image is only up-to-date on the day you create it. So make the image immediately before you start moving components into the new setup...

How do I move my files back onto my nvme ssd?