The Media Library is where you can upload and store your files such as Images, Audio, Video, Documents, and Spreadsheets that you use for your Pages, Articles, and other areas of the program where you may be able to add media items. It also allows you to create folders and sub-folders to help you organize your files.
On the top Navigation tabs, go to Content and click Files:
For file management, you can sort out the files by Media Items and Date:
Group your files in folders and sub-folders to easily locate your media items.
Use the Search option (that comes in handy when you have a Media Library with a long folder list) to find certain folders.