This paper proposes an approach for measuring the azimuth angle and tilt angle of underground drilling tools with a MEMS three-axis accelerometer and a three-axis fluxgate sensor. A mathematical model of well logging attitude angle is deduced based on combining space coordinate transformations and algebraic equations. In addition, a system implementation plan of the inclinometer is given in this paper, which features low cost, small volume and integration. Aiming at the sensor and assembly errors, this paper analyses the sources of errors, and establishes two mathematical models of errors and calculates related parameters to achieve sensor calibration. The results show that this scheme can obtain a stable and high precision azimuth angle and tilt angle of drilling tools, with the deviation of the former less than ±1.4° and the deviation of the latter less than ±0.1°.