As the creator of an iCloud Shared Photo Library, you have the right to delete your Shared Library at any time. This can be useful if you no longer want to share your photos and videos with current participants, or if you want to start a new Shared Library with a different group of people. When you delete a library you created, you can choose to move all of the library's contents to your Personal Library, or just the content you've added to it.
How to Delete a Shared Album on iPhone
All library participants will be notified when the creator deletes the shared library, and will have access to all shared assets as long as they have been in the group for more than 7 days. If a participant has been in the library for less than 7 days, they will only be able to retrieve photos and videos that they have contributed to the library.
You can stop hosting content in your existing shared library by following the steps below.
That's all you need to know about deleting your shared library on an iPhone.