Accuracy and nonlinear processing capabilities are critical to the positioning and navigation of autonomous vehicles in visual–inertial odometry (VIO). Existing filtering-based VIO methods struggle to deal with strongly nonlinear systems and often exhibit low precision. To this end, this paper proposes a VIO method based on the Schur complement and Iterated Extended Kalman Filtering (IEKF). The algorithm first enhances ORB (Oriented FAST and Rotated BRIEF) features using Multi-Layer Perceptron (MLP) and Transformer architectures to improve feature robustness. It then integrates visual information and Inertial Measurement Unit (IMU) data through IEKF, constructing a complete residual model. The Schur complement is applied during covariance updates to compress the state dimension, improving computational efficiency and significantly enhancing the system’s ability to handle nonlinearities while maintaining real-time performance. Compared to traditional Extended Kalman Filtering (EKF), the proposed method demonstrates stronger stability and accuracy in high-dynamic scenarios. The experimental results show that the algorithm achieves superior state estimation performance on several typical visual–inertial datasets, demonstrating excellent accuracy and robustness.