In this article, Abir Pal - a software engineer, demystifies what Component Library is and why we need it. He also shares a step-by-step guide on how to build an advanced component library using Chakra UI. The sections covered in the article are: Extending Themes in Chakra UI, Setting up the theme file, Creating Complex Custom Components in Chakra UI, and Packaging your library to use it in other projects. By the end of this article, developers will be able to create a consistent UI design with brand guidelines, easily and quickly by using the component library.