I have an existing project. I just like to ask if it is possible to convert it to a framework? I have tried searching but I cannot find any tutorial on how to do it.
Solution for iOS7 or previous
If you want to create a framework in iOS7 you can follow this link. It explain how to create a framework starting from a static library.
http://www.raywenderlich.com/65964/create-a-framework-for-ios
Solution for iOS8
With iOS8 is possible to create framework natively. You can find a good video in the WWDC14 website called Building Modern Frameworks (you'll find both videos and pdf).
Cocoapods
From your question is not clear what you need to do with the framework. If you need to share a lib you can give a look to the cocoapods project. You can use it for both public libraries or privates. I'm using it at work for both the scenarios
You are able to create a "Framework Target" in a existing project and setup the necessary files in the "Build Phases"
You can find more examples here
For iOS I would suggest CocoaPods unless you don't want to distribute the code.
Even in that case you could use CocoaPods. Especially to avoid embedding other third-party libraries or frameworks.
For such a useful feature it baffles me that Apple has left this feature out of user's hands, unfortunately Apple in their wisdom has deemed that only OSX would get the framework treatment.
iOS frameworks are effectively packaged static libraries which follow a defined structure that XCode recognises - and hence the need for build script (as in Ray's guide) as this doesn't exist in XCode.
Depending on your mileage with XCode (and shell scripts) and it's peculiarities this project is one saving grace. ios universal framework. You do have to know what you are doing, as it works in only a majority of cases - you may fall into the other 10%.
The documentation could do with an improvement, but the real cruft of the help is here. You do have to install the 'real' and/or 'fake' frameworks, create an initial framework from the templates installed and copy over your files.