Can I store my music library in icloud

Yes. iTunes Match will do this. Then you can access your library on all of your devices.

Here is more information from Apple Support: Subscribe to iTunes Match - Apple Support

Don't forget this important point from that document: "iTunes Match isn't a back up service, so make sure to always have a back up of your music collection before you make any changes." What this means is that iTunes Match is a convenience for listening to your music on multiple devices. If you are running out of storage or something, then you might need an external hard drive instead, or in addition. iCloud should not be used for permanent storage. Always keep a local backup of any iCloud data.