The use of inertial measurement unit (IMU) has become popular in sports assessment. In the case of velocity-based training (VBT), there is a need to measure barbell velocity in each repetition. The use of IMUs may make the monitoring process easier; however, its validity and reliability should be established. Thus, this systematic review aimed to (1) identify and summarize studies that have examined the validity of wearable wireless IMUs for measuring barbell velocity and (2) identify and summarize studies that have examined the reliability of IMUs for measuring barbell velocity. A systematic review of Cochrane Library, EBSCO, PubMed, Scielo, Scopus, SPORTDiscus, and Web of Science databases was performed according to the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. From the 161 studies initially identified, 22 were fully reviewed, and their outcome measures were extracted and analyzed. Among the eight different IMU models, seven can be considered valid and reliable for measuring barbell velocity. The great majority of IMUs used for measuring barbell velocity in linear trajectories are valid and reliable, and thus can be used by coaches for external load monitoring.