The combined effects of weak compressibility and viscoelasticity in steady, isothermal, laminar axisymmetric Poiseuille flow are investigated. Viscoelasticity is taken into account by employing the Oldroyd-B constitutive model. The fluid is assumed to be weakly compressible with a density that varies linearly with pressure. The flow problem is solved using a regular perturbation scheme in terms of the dimensionless isothermal compressibility parameter. The sequence of partial differential equations resulting from the perturbation procedure is solved analytically up to second order. The two-dimensional solution reveals the effects of compressibility and the other dimensionless numbers and parameters in the flow. Expressions for the average pressure drop, the volumetric flow rate, the total axial stress, as well as for the skin friction factor are also derived and discussed. The validity of other techniques used to obtain approximate solutions of weakly compressible flows is also discussed in conjunction with the present results.