Its a term to describe modern man.
1.5 to 2 million years ago there was Homo- habilis. The earliest form of man. He was the first 'great ape'
500,000 years ago lived Homo Erectus (he walked on 2 legs)
Then came the Neanderthal (about 100,000-30,000 years ago). They were very primitive and animalistic, but they lived in groups, wore clothing, used fire and made basic hunting tools
Next was cro-magnum (40,000-10,000 years ago) There cranial features were elongated to allow for a larger brain, more evolved tools and grinding rocks and the developers of religion.
So, really, we are all, well, homo. (Actually, the root "homo" means "man" and the root "sapien" means "being." So, human being.)
And now, modern man living today is called Homo Sapiens.
Human beings are bipedal primates belonging to the mammalian species "homosapien" in the family Hominidae (the great apes).