Nonlinear errors of sensor output signals are common in the field of inertial measurement and can be compensated with statistical models or machine learning models. Machine learning solutions with large computational complexity are generally offline or implemented on additional hardware platforms, which are difficult to meet the high integration requirements of microelectromechanical system inertial sensors. This paper explored the feasibility of an online compensation scheme based on neural networks. In the designed solution, a simplified small-scale network is used for modeling, and the peak-to-peak value and standard deviation of the error after compensation are reduced to 17.00% and 16.95%, respectively. Additionally, a compensation circuit is designed based on the simplified modeling scheme. The results show that the circuit compensation effect is consistent with the results of the algorithm experiment. Under SMIC 180 nm complementary metal-oxide semiconductor (CMOS) technology, the circuit has a maximum operating frequency of 96 MHz and an area of 0.19 mm2. When the sampling signal frequency is 800 kHz, the power consumption is only 1.12 mW. This circuit can be used as a component of the measurement and control system on chip (SoC), which meets real-time application scenarios with low power consumption requirements.