This paper addresses the stability issue of discrete-time switched systems with guaranteed dwell-time. The approach of switched homogeneous Lyapunov function of higher order is formally proposed. By means of this approach, a necessary and sufficient condition is established to check the exponential stability of the considered system. With the observation that switching signal is actually arbitrary if the dwell time is one sample time, a necessary and sufficient condition is also presented to verify the exponential stability of switched systems under arbitrary switching signals. Using the augmented argument, a necessary and sufficient exponential stability criterion is given for discrete-time switched systems with delays. A numerical example is provided to show the advantages of the theoretical results.