I have an embroidery machine and sewing machine. For my embroidery thread I have a cabinet from IKEA called Alex drawer unit (cost was $119.00 + tax and it must be assembled). Someone here posted it showing one they customized for their thread. I just bought spice holders and use those so I can store my thread on its side and I can see the colors. There are three drawers for my thread and that leaves three drawers for my hoops and extra dish towels, aprons, etc to embroider.
For my fabric I use plastic bins. Again I went to Ikea, found some very reasonably priced shelves to put my bins on so I can see the fabric within the bins. Most of my fabric is on comic book board and it is separated by designs (Christmas, Halloween, Kids', floral, solids, sports teams, etc.). I am doing away with my larger flat bins because they stacked on each other and have decided it is so much easier to get in and out of bins if they are on the shelf and not stacked on each other. The shelves fit perfectly in the closet I have in my sewing room so I am able to close the door.