First, read Front Page Setup.

Create a new by going to Pages > Add New. Give your page a name (1). You can upload Featured image (4) which will be shown in the Headline of the website on the home page. Publish your page.

Now you need to set a created static page (1) as the front page (2) of the website. First, you need to create an empty page which will be Posts Page (call it a Blog, for example) (3).