In 1964, Steven Tyler formed his own band called The Strangeurs—later Chain Reaction— in New Hampshire. Meanwhile, Perry and Hamilton formed the Jam Band (commonly known as Joe Perry's Jam Band. In 1970, Chain Reaction and Jam Band played at the same gig. Tyler immediately loved Jam Band's sound, and wanted to combine the two bands. In October 1970, the bands met up again and considered the proposition. Steven Tyler insisted that he would only take part if he could be the frontman and lead vocalist and it was agreed, later a new name Aerosmith was decided for the band.

Aerosmith played their first gig in Mendon, Massachusetts at Nipmuc Regional High School in 1970. After forming the band and finalizing the lineup in 1971, the band started to garner some local success doing live shows. Aerosmith signed with Columbia in mid-1972 for a reported $125,000 and issued their debut album, Aerosmith in January 1973. The album reached gold status initially and was certified double platinum after the band reached mainstream success over a decade later. The band released their second album Get Your Wings in 1974. It was 1975's Toys in the Attic, however, that established Aerosmith as international stars competing with the likes of Led Zeppelin and The Rolling Stones. This was followed by a successful re-release of Dream On. Aerosmith's next album was 1976's Rocks, which captured Aerosmith at their most raw and rocking. The next album, 1977's Draw the Line. In 1980, Aerosmith released its Greatest Hits album. By 1981, the band's popularity had waned. In 1985 the band released the album Done with Mirrors. Permanent Vacation was released in September 1987, becoming a major hit and the band's bestselling album. Aerosmith's next album was even more successful. Pump, released in September 1989. Their next album, Nine Lives, was released in March 1997. In March 2001, the band released their 13th studio album Just Push Play, which quickly went platinum. Aerosmith's long-promised blues album Honkin' on Bobo was released in 2004. On December 22, People magazine reported that Tyler had entered a rehabilitation facility to manage his addiction to painkillers, brought on by injuries to his knees, legs, and feet, that resulted from years of performing. On January 20, 2010, Perry confirmed the band were about to audition for a new singer to replace Tyler. On March 20, 2011, Aerosmith announced a new greatest hits album, Tough Love: Best Of The Ballads, to be released on May 10, 2011.

In 1987, Aerosmith won the Soul Train Music Award for Best Rap - Single for the re-mix of Walk This Way with Run-D.M.C.. In 1990, Aerosmith won their first Grammy award, for Best Rock Performance by a Duo or Group with Vocal, and went on to win a total of four such awards (all of them in the 1990s). In addition, Aerosmith's music videos won numerous awards throughout the 1990s. Aerosmith ranks as the fourth most successful artist of all-time at the MTV Video Music Awards (VMAs), with ten such awards to date. Aerosmith has also collected seven American Music Awards, four Billboard Music Awards, two People's Choice Awards, sixteen Boston Music Awards, and numerous other awards and honors.