Objective gait analysis provides valuable information about the locomotion characteristics of sound and lame horses. Due to their high accuracy and sensitivity, inertial measurement units (IMUs) have gained popularity over objective measurement techniques such as force plates and optical motion capture (OMC) systems. IMUs are wearable sensors that measure acceleration forces and angular velocities, providing the possibility of a non-invasive and continuous monitoring of horse gait during walk, trot, or canter during field conditions. The present narrative review aimed to describe the inertial sensor technologies and summarize their role in equine gait analysis. The literature was searched using general terms related to inertial sensors and their applicability, gait analysis methods, and lameness evaluation. The efficacy and performance of IMU-based methods for the assessment of normal gait, detection of lameness, analysis of horse–rider interaction, as well as the influence of sedative drugs, are discussed and compared with force plate and OMC techniques. The collected evidence indicated that IMU-based sensor systems can monitor and quantify horse locomotion with high accuracy and precision, having comparable or superior performance to objective measurement techniques. IMUs are reliable tools for the evaluation of horse–rider interactions. The observed efficacy and performance of IMU systems in equine gait analysis warrant further research in this population, with special focus on the potential implementation of novel techniques described and validated in humans.