Forward Head Posture (FHP) is one of the most commonly occurring musculoskeletal abnormalities. Despite exercise therapy being an effective approach for FHP treatment, it can be long, monotonous, and tedious. Virtual reality (VR) can be used as an innovative solution to address these challenges. We designed an affordable and immersive VR-based exercise therapy (VRET) system for FHP correction. The VRET contents (i.e., exercises and VR scenarios) were determined by physiotherapists and game designers at the focus group meetings. Hardware requirements include a VR box, smartphone, and sensors (i.e., a smartphone accelerometer and an affordable Inertial Measurement Unit (IMU)) to measure head motions and transfer them via Wi-Fi to the VRET system. The IMU was designed using the MPU6050, Arduino Nano, and ESP8266-01S. Gwet's AC1, Game Experience Questionnaires (GEQ), and System Usability Scale (SUS) were used to measure intra-rater reliability, user experience, and system usability, respectively. The determined exercises, including Capital Flexion-Extension and Chin Tuck, were designed in the form of a shooting game. A physiotherapist and twenty-one FHP individuals took part in evaluating the system. High precision was obtained for the designed IMU (i.e., pitch and roll < 0.1° and yaw < 1.3 °). Gwet's AC1 and SUS results showed very good intra-rater reliability (coefficient = 0.892) and excellent usability (score = 87.14), respectively. According to the mean scores of the GEQ, participants were confident about competence, immersion, flow, and positive affect components. The development of low-cost VRET systems for FHP correction is a step towards facilitating rehabilitation challenges by providing positive experiences for users as well as helping them perform therapeutic exercises correctly.