In your Personal TEX directory, create a new subdirectory called fonts/source/public/name named after the typeface you’re installing
Copy all the .mf files to this directory
Copy any .fd file[s] to your tex/latex/mfnfss subdirectory (create it if it doesn’t already exist)
Copy any .sty (style) files to a subdirectory (create it too), named after the typeface, eg tex/latex/name
If you are using MiKTEX, run your TEX indexer program (see the last step ‘Shared systems and MIKTEX: update your index’).
UNIX & GNU/Linux systems, including Apple Macintosh OS X, don’t need this last step
This is the simplest installation. When you download METAFONT fonts from CTAN, you’ll usually find a number of outline files (.mf files) and maybe some other types as well (see below).
That’s it. Unlike PostScript fonts, METAFONT fonts generate their font metric files (.tfm files) automatically on-the-fly the first time the font is used, so there should be nothing else to install.
Now you can put a \usepackage command in your Preamble with whatever name the .sty file was called, and read the documentation to see what commands it gives to use the font (refer to the penultimate para ‘Download the zip file to a …’ in § 3.2 and the step ‘Create the documentation’).