It is possible to have multiple iTunes libraries with separate content on a single computer. This lesser-known feature helps you keep multiple people’s music, movies, and apps separate, and lets you sync multiple iPods, iPhones, or iPads to a single computer without inadvertently getting other people’s music on your device. Other options include using playlists and multiple user accounts.
How to Add Multiple Accounts to One iTunes Library
Having multiple iTunes libraries is like having two separate computers, each with iTunes. The libraries are completely separate: music, movies, or apps you add to one library won't appear in the other unless you copy the files to it (with one exception).
To create multiple iTunes libraries on your computer, follow these steps:
Quit iTunes if it is running.