Inertial effects affecting both the translational and rotational dynamics are inherent to a broad range of active systems at the macroscopic scale. Thus, there is a pivotal need for proper models in the framework of active matter to correctly reproduce experimental results, hopefully achieving theoretical insights. For this purpose, we propose an inertial version of the active Ornstein-Uhlenbeck particle (AOUP) model accounting for particle mass (translational inertia) as well as its moment of inertia (rotational inertia) and derive the full expression for its steady-state properties. The inertial AOUP dynamics introduced in this paper is designed to capture the basic features of the well-established inertial active Brownian particle (ABP) model, i.e., the persistence time of the active motion and the long-time diffusion coefficient. For a small or moderate rotational inertia, these two models predict similar dynamics at all timescales and, in general, our inertial AOUP model consistently yields the same trend upon changing the moment of inertia for various dynamical correlation functions.