The temporal lobe is responsible for several important functions including speech, memory, reading, emotional responses, auditory responses, visual processing, and olfactory functions. It contains areas like Wernicke's area that control language processing and comprehension, as well as the hippocampus which plays a crucial role in long term memory retention. Damage to the temporal lobe due to a stroke can cause disturbances in functions like auditory and visual perception, attention, language comprehension, memory, and behavior.