First, create two pages and title them Home and Blog, leave the content blank.
Then go to Settings > Reading > Front page displays, select A static page(select below), then select Home for Front Page and Blog for Posts Page. At last, click Save Change button.
Now open Home Page, you will see the result as the following screenshot.
If you want to set up a customized static front page, go to Appearance > Theme Options > Home page > Enable Featured Homepage to uncheck the checkbox.
If you want to use the Blog list as Home Page, go to Settings > Reading > Front page displays, select Your latest posts.