The important role of ventilation in underground mines is to ensure safety and adequate environmental conditions in all accessible areas of a mine. This research aims to develop low-cost solutions for monitoring ventilation parameters in underground mines using the Internet of Things (IoT). A comparison between standard measuring equipment and a new low-cost wearable monitoring device prototype was performed, and the variables measured in an underground mine were pressure, temperature, and relative humidity. The results in all surveys indicate that the wearable monitoring device prototype can properly be used for continuous monitoring of the underground environment. The standard measurement devices for underground mines should continuously be used by mining companies as requested by local legislation. The low-cost wearable monitoring device developed should be viewed as a redundant measurement device for operators’ safety. The constant innovations in technology can support mining operators in anticipating problems, improving productivity, ensuring safety, and meeting standards at low investments.