Inertial Measurement Units (IMU) require a sensor-to-segment calibration procedure in order to compute anatomically accurate joint angles and, thereby, be employed in healthcare and rehabilitation. Research literature proposes several algorithms to address this issue. However, determining an optimal calibration procedure is challenging due to the large number of variables that affect elbow joint angle accuracy, including 3D joint axis, movement performed, complex anatomy, and notable skin artefacts. Therefore, this paper aims to compare three types of calibration techniques against an optical motion capture reference system during several movement tasks to provide recommendations on the most suitable calibration for the elbow joint. Thirteen healthy subjects were instrumented with IMU sensors and optical marker clusters. Each participant performed a series of static poses and movements to calibrate the instruments and, subsequently, performed single-plane and multi-joint tasks. The metrics used to evaluate joint angle accuracy are Range of Motion (ROM) error, Root Mean Squared Error (RMSE), and offset. We performed a three-way RM ANOVA to evaluate the effect of joint axis and movement task on three calibration techniques: N-Pose (NP), Functional Calibration (FC) and Manual Alignment (MA). Despite small effect sizes in ROM Error, NP displayed the least precision among calibrations due to interquartile ranges as large as 24.6°. RMSE showed significant differences among calibrations and a large effect size where MA performed best (RMSE = 6.3°) and was comparable with FC (RMSE = 7.2°). Offset showed a large effect size in the calibration*axes interaction where FC and MA performed similarly. Therefore, we recommend MA as the preferred calibration method for the elbow joint due to its simplicity and ease of use. Alternatively, FC can be a valid option when the wearer is unable to hold a predetermined posture.