I have created a custom field and will add the existing project..
We have already previous issues in the project, will the newly created custom field be visible in the older issues and can we add the values to the new field in old issues.
Depends on what view you use.
If you use the old issue view then what @Ismael Jimoh says it valid. The field will not be visible on the view screen until it has a value. If you go to the edit screen there it will be but empty.
On the new issue view (as I see you are on Cloud), there it will be "visible". I put this in quotes as it iwll most likely be under the lower left side of your view for the "more fields"
many good information were already given.
I just wanted to add that the values (if you need to "transfer" them from old field to new field) will not be "copied over" automatically.
There are some approaches which require CSV imports, other require the use of Apps.
Please let us know if this should be a requirement.
If the new field should be filled little by little with no migration of values you are ready with the tips from above.
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