In a rare joint interview, the two "bad boys from Boston" told ABC News' Cecilia Vega about the rocky relationship they've had in their decades-long career and the bruising year for the legendary band. The two frontmen made headlines for their very public rift after Tyler's decision to be a judge on "American idol," which Perry said he didn't hear about from his band mate.
"I was upset because, I had to read about it in the press," Perry said of Tyler's decision to join the hit show as a judge.
Tyler believes his decision to work on the show created a temporary rift within the band.
"It was the biggest show on TV. And every night millions of people got to see that big lip, singer guy from Aerosmith sing up there, you know, being what he is," he said. "And it didn't hurt Aerosmith. They were a little jealous in the beginning that I took it."
Perry, who told reporters he did not want Aerosmith's name involved with "American Idol," said that he disagrees on the jealousy point.
"I wasn't jealous you were on the show," he said in the interview done backstage at the iHeartRadio festival. "I was glad you were on the show."
Tyler made the decision to exit "American Idol" after two season on the judge's panel. Now, the band, which formed in 1970, is back performing and awaiting the release of a new album in November. The album -- titled "Music from Another Dimension!" -- is their first in 8 years.
"This is the best record we have ever made, without any doubt," Perry, 62, says.
Tyler, 64, said that the idea for the album, which has songs written by Perry, bassist Tom Hamilton and drummer Joey Kramer, was to "go where no band's boldly gone before."
"We put our ideas together where it was like, 'What if we write this song, a song for what they're going to listen to in the shuttle in 20 years from now going to Mars? What kind of song would they want to hear?'" Tyler said.
If any tension does linger inside the band, the fans didn't see it this weekend when they performed in Las Vegas with a superstar lineup including Rihanna, No Doubt and many more at what R&B star Usher called "the type of event that you want to be associated with."
Those who really know Aerosmith, like the festival's developer and their label executive at Columbia Record, Lee Leipsner, say the band is better than it has ever been.
"[They are] unified, they are excited about music, one of the best live bands ever, that spirit is here," Leipsner said.
Tom Poleman, president of programming at Clear Channel Radio, said they are at the top of their game.
"When I heard the album, I think this is honestly one of their best ever," he said.
After more than 40 years together, it seems they have come full circle, and Tyler said that the way the band came together for the new album is remarkable.
"It's just, it's unreal," he said.