To install your Office 365 on Mac login to https://portal.office.com with your credentials, click on Install Office apps and Office 2016.
Click Run/Setup or save an installer to run it after download.
When prompted Do you want to allow this app to make changes to your device? Click Yes.
Click-to-run installer will stream and install Office applications for about 10 to 30 minutes depending on internet connection and machine parameters.
To activate the license by opening Office application like Word or Excel.
Click the Sign in text in the top right corner of the app, input your Office 365 email address and password to finish activating Office apps and assigning license.