Text version of this tutorial:
http://www.wpbeginner.com/wp-tutorials/how-to-add-a-favicon-to-your-wordpress-blog/

Favicon or Site Icon is the tiny image that appears next to your website title in the browser. It helps your users identify your website and more frequent visitors of your site build recognition for that tiny image. In this video we will show you how to add a favicon to your site.

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Summary of this Tutorial:

To get that on your site, you want to get a log image that is 512 px by 512 px and it must be square.

The image can be in png, jpg or gif format.

After logging into your WordPress site, just go to Appearance, Customize and click on the site identity tab.

Depending on your theme you can fill out the site title and tagline and here you want to select file and upload the logo you just created.

If the image is larger you’ll be able to crop it here, otherwise you can just save your changes.

Source