Library is crucial to knowledge generation. It is difficult to find a piece of knowledge which is generated, developed, and matured without using library resources. Library is one of the places of the acquisition, the transmission, and the application of the knowledge which has been recognized and accepted by the world. This article aims to explain, using a model of "data-information-knowledge", how important the role a library plays and what the significance of the role is interm of library collection development, information supply and access, as well as knowledge sharing. Finally, the missions and the practices for a modern library are described in detail.