If I store my iTunes library in iCloud, can I listen without wifi on my iPhone? I'm looking for a solution here, since my computer's hard drive is pretty well full.

I want to be able to store my music library in iCloud (or some other cloud if it's more suitable). 

However, if I do this, will it still allow me to store some of that music content (select playlists or albums) on my iPhone, so that I can listen to them without streaming through the iCloud?

Thanks for any answers you can give!
You can tell iOS to store a playlist, an album, an artist or a specific title offline. It will then download the tracks directly to your device and allow you listening to them without any internet connection.

This works with Apple Music as well as iTunes Match.