The library is where users can store and save elements that they've created in their comics. Each and every user has their own library, which they can fill with elements they have created. All users have a limited amount of elements they can add to their library.
Users can also share objects from their library, allowing anyone that is on their friend list to use that item, as long as that user has enough space in their library.
As a user's status improves, the more space he will be allowed in his library and to share.
Currently, elements that use theme packs cannot be shared, even if other users have that theme pack.
Limited Library SpaceEdit
Prior to March 23rd, 2011, all users had the same amount of space in their library and were allowed to only share four elements from their library. Because of this restrictions, many users ended up, subsequently, having to delete several elements to be able to add new ones.
Status Equals SpaceEdit
On March 23rd, 2011, an update was released that gave users more and more space in their library to save and share elements based upon their status title. This update also applies to the amount of characters a user could make in the comment section and how many pages in a booklet one could have.
With the version 1.5 update to Strip Generator on January 25, 2010, all elements that had been previously saved to a users library had been deleted. Shortly after the update though, users noticed lag while creating their comics and quickly figured out it was related to elements being saved to their library multiple times.
The Library is ClosedEdit
On February 5th, 2010, just two weeks after version 1.5 of Strip Generator was launched, due to many major issues with the stability of the library and it causing lag for many users, the staff removed the library all together.
Interestingly, the SGG (Strip Generator Game) started during this outage. Without a library, users were forced to recreate not just their own characters and items, but also those of fellow users in this series.
This time without a library to use is sometimes jokingly referred to as the Dark Times or Ages by some users. Others saw it as a positive element as many users' art style improved during this time.
The Library is ReopenedEdit
On June 30th that year, almost five months since it's original closing, the library was finally reopened with the previous issue of it causing lag being fixed. 
A technique used by many users to free up space in their library is by creating packs. Packs are, simply put, multiple elements grouped together so that they only create one single element in the library. Users that then decide to use the pack just have to simply mask the element from the pack that they want.
This was first implemented and used in the SSGG (Super Strip Generator Game) and, typically, SnakeYukin is credited with creating the first pack and creating the idea.