The Home button takes you to the Home screen, and provides other convenient shortcuts.
See apps you’ve opened. Double-click the Home button. See Start at home.
Use Siri (iPhone 4s or later) or Voice Control. Press and hold the Home button. See Voice Control and Make requests.
On iPhone 5s, you can use the sensor in the Home button to read your fingerprint, instead of using your passcode or Apple ID password. See Touch ID sensor.
You can also use the Home button to turn accessibility features on or off. See Accessibility Shortcut.