How to make profile page for each user posting on the blog?

What you’re looking for here are Author pages, see this Codex article.

Here are a couple of other articles that explain the process:

http://wp.tutsplus.com/tutorials/how-to-create-a-wordpress-authors-page-template/

http://wpengineer.com/1958/wordpress-3-0-specific-author-templates/

Often you’ll want to display all the posts by that author after the author description. To get that link use <?php the_author_posts_link(); ?> :

http://codex.wordpress.org/Function_Reference/the_author_posts_link

Best of luck!

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