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When you purchase an Office 365 subscription, you're essentially buying a license to use the software. The product key is required to:

Depending on how you purchased the software, your key can be found in different places: Where to enter your Office product key - Microsoft Support

A product key is required for several reasons:

If your product key doesn't work, try the following:

If you do not have a product key for Microsoft Office 365, you may face several consequences:

A product key is a 25-character code that is used to activate a copy of Microsoft Office 365. It is usually provided by the software vendor or retailer when a user purchases a subscription. The product key is used to verify that the user has a legitimate copy of the software and to prevent unauthorized use.

There are two types of product keys for Office 365: