Studying the velocity-density profiles of iron and iron-silicon alloy at high pressures and temperatures is critical for understanding the Earth's core as well as the interiors of other planetary bodies. Here we have investigated the compressional wave velocity (VP) and density (ρ) profiles of polycrystalline bcc-Fe and Fe0.85Si0.15 alloy (8wt.% Si) using in situ high-energy resolution inelastic X-ray scattering (HERIX) and synchrotron X-ray diffraction spectroscopies in an externally-heated diamond anvil cell (EHDAC) up to 15GPa and 700K. Based on the measured velocity-density (VP-ρ) and velocity-pressure (VP-P) relations of bcc-Fe at simultaneous high pressure and temperature (P-T) conditions, our results show a strong VP reduction at elevated temperatures at a constant density. Comparison of the VP-ρ profiles between the bcc-Fe and bcc-Fe0.85Si0.15 alloy indicates that the alloying effect of additional 8wt.% Si on the VP-ρ relationship of bcc-Fe is predominant via a constant density decrease of approximately 0.6g/cm3 (7%). Compared with the literature velocity results for bcc and hcp Fe-Si alloys, the bcc-Fe and Fe-Si alloys exhibit higher VP than their hcp phase counterparts at the given bcc-hcp transition pressures. Our results here strongly support the notion that high temperature has a strong effect on the VP of Fe and that the VP-ρ profile of Fe can be affected by structural and magnetic transitions. Analyses on literature elastic constants of the bcc Fe-Si alloys, as a function of P-T and Si content, show that the bcc phase displays extremely high VP anisotropy of 16-30% and VS splitting anisotropy of 40-90% at high temperatures, while the addition of Si further enhances the anisotropy. Due to the extremely high elastic anisotropy of the bcc Fe-Si alloy, a certain portion of the bcc Fe-Si alloy with the lattice-preferred orientation may produce VP and VS anisotropies to potentially account for the observed seismic anisotropy in the inner core. © 2014 Elsevier B.V.