What is the function of the -m Python option?

You can always run

python --help

for a detailed description of the command and parameters. See the output:

usage: python [option] ... [-c cmd | -m mod | file | -] [arg] ...
Options and arguments (and corresponding environment variables):
-b     : issue warnings about str(bytes_instance), str(bytearray_instance)
         and comparing bytes/bytearray with str. (-bb: issue errors)
-B     : don't write .py[co] files on import; also PYTHONDONTWRITEBYTECODE=x
-c cmd : program passed in as string (terminates option list)
-d     : debug output from parser; also PYTHONDEBUG=x
-E     : ignore PYTHON* environment variables (such as PYTHONPATH)
-h     : print this help message and exit (also --help)
-i     : inspect interactively after running script; forces a prompt even
         if stdin does not appear to be a terminal; also PYTHONINSPECT=x
-I     : isolate Python from the user's environment (implies -E and -s)
-m mod : run library module as a script (terminates option list)
-O     : optimize generated bytecode slightly; also PYTHONOPTIMIZE=x
-OO    : remove doc-strings in addition to the -O optimizations
-q     : don't print version and copyright messages on interactive startup
-s     : don't add user site directory to sys.path; also PYTHONNOUSERSITE
-S     : don't imply 'import site' on initialization
-u     : unbuffered binary stdout and stderr, stdin always buffered;
         also PYTHONUNBUFFERED=x
         see man page for details on internal buffering relating to '-u'
-v     : verbose (trace import statements); also PYTHONVERBOSE=x
         can be supplied multiple times to increase verbosity
-V     : print the Python version number and exit (also --version)
         when given twice, print more information about the build
-W arg : warning control; arg is action:message:category:module:lineno
         also PYTHONWARNINGS=arg
-x     : skip first line of source, allowing use of non-Unix forms of #!cmd
-X opt : set implementation-specific option
file   : program read from script file
-      : program read from stdin (default; interactive mode if a tty)
arg ...: arguments passed to program in sys.argv[1:]

By checking the -m mod parameter, this parameter is said to execute a Python module as a script. In this case, it would be the same as django --version .