There are various way to say it:
Ang librong ito ay mahal. ~ sentence structure (Ang = The) which is a definite article + Noun (libro = book) + pronoun (ito) + (ay) often translated into English as 'is' or 'are' or 'am.' + adjective (mahal).
Mahal ang librong ito. ~ (Adjective mahal) + (definite aritcle "ang") + Noun (libro) + pronoun (ito).
Mahal na librong ito. ~ (Adjective mahal) + (na) is a linker to the object + (object "libro") + (pronoun "ito).
"Ang" is usually used at the start of the sentence, and is translated in English as "the" which is a definite article. So sometimes, it is ommited since the message of the sentence clearly states it, and that is the "book"
How do I decide which words to connect with "ng" or "na"?
Usually, "NA" is used after the adjective that ends in consonant:
mahal "na" libro ~expensive book
makapal "na" libro ~thick book
manipis "na" libro ~thin book
and "NG" is used after the adjective that ends in vowels (you connect it to the adjective):
maganda+ng = magandang libro ~pretty book, beautiful book, good book
luma+ng = lumang libro = old book
bago+ng = bagong libro + new book
puti+ng = puting libro = white book
libre+ng = libreng libro = free book
technically, you can use "NA" to adjectives that end in vowels, but it will sound awkward, and make the sentence rather long, so you have another reason to use "NG" instead, :)
SO, that's it, i hope this will help you.