Create or choose the audio file you want to use as a ringtone
Make sure the file is in a supported format like M4R
Use GarageBand on iPhone or iTunes/Finder on a computer to convert the audio into a ringtone
Import the ringtone file into your iPhone
Open Settings
Tap Sounds & Haptics
Tap Ringtone
Select your custom ringtone from the list
If needed, assign the ringtone to a specific contact in the Contacts app
