The present study investigates an algorithm for the calculation of 3D joint angles based on inertial measurement units (IMUs), omitting magnetometer data. Validity, test-retest reliability, and long-term stability are evaluated in reference to an optical motion capture (OMC) system. Twenty-eight healthy subjects performed a 6 min walk test. Three-dimensional joint kinematics of the lower extremity was recorded simultaneously by means of seven IMUs and an OptiTrack OMC system. To evaluate the performance, the root mean squared error (RMSE), mean range of motion error (ROME), coefficient of multiple correlations (CMC), Bland-Altman (BA) analysis, and intraclass correlation coefficient (ICC) were calculated. For all joints, the RMSE was lower than 2.40°, and the ROME was lower than 1.60°. The CMC revealed good to excellent waveform similarity. Reliability was moderate to excellent with ICC values of 0.52–0.99 for all joints. Error measures did not increase over time. When considering soft tissue artefacts, RMSE and ROME increased by an average of 2.2° ± 1.5° and 2.9° ± 1.7°. This study revealed an excellent correspondence of a magnetometer-free IMU system with an OMC system when excluding soft tissue artefacts.