First of all, create two new blank page. One of them is for your homepage, other one is for your blog page.
If your theme has a special homepage page template, you should select that page template for your homepage;
After that go to Settings –> Reading. Check “A static page (select below)” radio button.
Front page: Select in the drop-down box the actual Page that you want displayed as your front page.
Posts page: Select in the drop-down box the name of the Page that will now contain your Posts. If you do not select a Page here, your Posts will only be accessible via other navigation features such as category, calendar, or archive links.