The iPhoto Library folder, located in your Pictures folder, contains photos you have imported into your photo library and any albums you've created using iPhoto. If you want to move your iPhoto Library folder to a new location, you must create an alias for it in your Pictures folder.
IMPORTANT: If you move, delete, rename, or otherwise tamper with files or folders in the iPhoto Library folder, you may be unable to see your pictures in iPhoto.
To move the iPhoto Library folder to a new location:
1. Drag the folder to the new location.
2. Select the folder in the new location and choose Make Alias from the File menu.
3. Drag the iPhoto Library folder alias to the Pictures folder and name it iPhoto Library.
(This document contains information from Help Center, the help system included with your computer.)