Then will this SQLite works well ? Are there any alternatives for maintaining the media library?
In short, yes, SQLite will work.
There are various media players like this this out there using SQLite for embedded systems, and they work fine for this requirement. The limits are documented on the official website.
If you plan to have a QtQML application, I would suggest using the QtSql module for handling the database, and QtMultimedia for the audio part. I would also recommend QtQuick controls for the UI part.
Here you can find the module documentations for those:
QtSql: https://qt-project.org/doc/qt-5.1/qtsql/qtsql-index.html
QtMultimedia: http://qt-project.org/doc/qt-5.1/qtmultimedia/qtmultimedia-index.html
QtQuick Controls: http://qt-project.org/doc/qt-5.1/qtquickcontrols/qtquickcontrols-index.html