Please note: this archive works on Outlook desktop clients but not others. on the Get Help page, choose End User Computing, Microsoft Office 365 Applications and Outlook. This feature needs to be requested by creating a ticket in the Enterprise Service Centre (ESC).
If you are using up most of the 50 GB allotted to you in your mailbox, Microsoft 365's In-Place or Online Archive is a good way of cleaning up your mailbox while still retaining archived messages.