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There are two kinds of media libraries that you can create:
Creating media libraries on a live site
Note that your site may be set up so that both site related and group media libraries can be created directly on the live site.
Open the Media libraries application.
Click on New media library.
Fill in the following details:
Display name - the name of the media library displayed in the administration interface and on the live site.
Code name - the name of the media library used by developers in code.
Description- the text describing the media library.
Teaser image - the image used as the media library teaser.
Folder name - the name of the folder where files will be stored.
Savethe Media library. The Media library interface appears.
Display name - the name of the media library displayed in the administration interface and on the live site.
Code name - the name of the media library used by developers in code.
Description- the text describing the media library.
Teaser image - the image used as the media library teaser.
Folder name - the name of the folder where files will be stored. This folder will be created under <web project>\<site name>\media\ or in a custom location.