Libraries in Figma let you share and standardize design elements across multiple files. You can turn your file's styles and components (like buttons, icons, text styles, and color schemes) into a library. Once published, these elements can be used in other files. This ensures consistency in design and saves time, as you don't have to recreate commonly used elements.

To use these shared elements, access your libraries from the Assets panel. Here's how:

1. Click the book icon in the Assets panel to open the Library modal.
2. In the modal, you'll see a list of available libraries.
3. Enable the ones you want to use by toggling them on.
4. Once enabled, components and styles from these libraries will appear in your Assets panel.