His heart symbolises the center of His love, His mercy, which are very important for us who need him. In the Bible there are many places where the heart is discussed. It is thought of as the place where the soul is.
Even nowadays, we say things like " I will keep you in my heart", or “my heart aches” etc. When we use the term, we don’t think of the 200 gram muscle organ that pumps blood, right? We think of our deepest self.
The Precious Blood symbolises his sacrifice. We believe that his sacrifice (his blood) brought us salvation and that’s why we honor it.
It is wrong to believe that, by having special devotions to the Sacred Heart and the Precious Blood, we only take in consideration one part of our Lord and Saviour. We still pray to him as a whole, but we use this kind of devotions to get more closer to him and to get to know him a little better.