How to set Home and Blog Page?

For blog themes set front page display to ‘Your latest posts’.
This is already set by default.

If you need home page other than blog posts page

Go to : Settings > Reading
Select ‘Static page’ in ‘Front page displays’.
Select Home as Front page & Blog as Posts page.

hbpage

If you are not getting options under ‘Reading Setting’ as discussed above, deactivate third party plugins ( other than recommended ).
You should get that as it is a default WP functionality. Some plugins modify this.