Create a new page from Pages > Add New. Give a title, like ‘Home’, add the elements and settings you wish and then publish it. Next, create another page with the title you want for your blog. You do not need any content for your main blog page. The next thing is to tell WordPress to use your pages appropriately. Go to Settings > Reading and set the ‘Front page displays’ to ‘A static page’.
Set the home page you just created as the ‘Front page’, and the blog page you created as the ‘Posts page’ and save your changes.
Your Home and Blog page are ready to go!
You can define your Blog preferences in Theme Options > Blog Options. These settings will also affect on Archives / Categories / Tags overview pages.