First you will need to set some products as new. To do that you will need to edit some products and mark them as new, from the “General” product information page, by setting up the “Set Product as New from Date” and “Set Product as New to Date”.
After you’ve set up a few products as new you, now, can display them on the home page by going to “CMS – Manage Pages” and select “Home Page” from the list of pages and add this code on the CMS page:
{{block type="catalog/product_new" name="home.catalog.product.new" alias="product_homepage" template="catalog/product/new.phtml"}}