In 2002, Aerosmith released the 2-disc compilation O Yeah! Ultimate Aerosmith Hits and embarked on the Girls of Summer tour with opening acts Kid Rock and Run-DMC. In 2003, Aerosmith co-headlined with Kiss on the Rocksimus Maximus tour. Their long-promised blues album, Honkin' on Bobo, was released in 2004. The Album continues to be a success, helping to inspire the resurgence of blues and roots music across the US and Europe. A live DVD, You Gotta Move, followed it in December 2004. The band also lent its well-known "Dream On" to an advertising campaign for Buick in 2004, targeting their audience, which is now composed largely of people who were teenagers when the song first charted.

In 2005, guitarist Joe Perry released his eponymous solo album. Many claim that it is in many ways truer to the Aerosmith of the '70’s than any of their recent output. This is mostly due to its raw energy and lack of song doctoring. In October 2005, Aerosmith released a CD/DVD named Rockin' the Joint. The band hit the road for the Rockin' The Joint tour on October 30th with Lenny Kravitz and is still touring.

They expect to be on the road until some time around Spring 2006. Rumor has it that they will begin work on a new album at that time. It was announced in January that the band will embark on a 5-week tour with Cheap Trick in the spring. Rumors of a tour started a week before the announcement when Cheap Trick front man Robin Zander joined the band onstage for "Come Together" during a concert in Tampa, Florida. Early reports also indicate that the band plans to resume touring in the fall of 2006, most likely in support of the new album. According to insiders, an upcoming tour may see them alongside Motley Crue.

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