A Project Library is a folder that contains frequently used standard parts that are referenced and used, but not modified as part of a project. Project libraries usually contain off-the-shelf parts like fasteners, o-rings, retaining clips, electrical components, etc. You can create your own factory assets and store them in a specially designated Project library folder on your local machine, or on a network to be shared with others.
Once the folder is created, use the Project Editor to specify the location of your Project Library.
When the project is active, the Project Library appears with the name Library in the Publish Asset dialog box.
Any new factory assets that you create and publish can now be added directly to the Library folder. For more information on Inventor projects, see Learn about Projects in the Inventor Help, or online at www.autodesk.com/wikihelp-inventor.