If you’ve been using Photoshop for any length of time, then you’re probably used to saving and applying custom Layer Effects/Styles using the Layers Styles panel. However, there are distinct advantages to saving Layer Effects/Styles to the Libraries panel. For example, you can group different types of styles into different Libraries (which are easily accessible using the drop down menu instead of having to save and load sets). Plus, you can add additional elements such as logos, text styles, colors, photos, and other assets (within the same Library) for a specific project or client.
Another advantage to using the Libraries panel is that the stored content will automatically be synchronized between multiple installs of Photoshop using the same Adobe Profile via Creative Cloud (for example, your work and home computers). And, you can easily share Libraries with others by using the flyout menu and selecting the Collaborate or Share link.
For more information about working with CC Libraries, check out the video below: