Hi Andrew,
I'd like to confirm what Office 365 subscription you have purchased, Office 365 for Business plans such as Business Premium, Enterprise or Office 365 Home?
If you purchased an Office 365 for Business license, it contains a mailbox. Do you mean you want to import the PST to the mailbox? If yes, please set up the account on your new Outlook and import the PST file by referring to this article: https://support.office.com/en-au/article/Import-Outlook-items-from-an-Outlook-Data-File-pst-345ad0da-7bc0-4a02-9cb7-2d1cf48ba8e3.
If you purchased Office 365 Home Premium, you can also follow the article above to import the PST file. However, you need to set up the account first.
Your understnading is appreciated.
Thanks,
Xinyu