Collective inertial mass coefficients with respect to translational, relative, and rotational motions are microscopically calculated, along the collective reaction path self-consistently determined, based on the adiabatic self-consistent collective coordinate (ASCC) method. The impact of the timeodd component of the mean-field potential on the inertial masses are investigated. The results are compared with those calculated with the cranking formulae. The inertial masses based on the ASCC method reproduce the exact total nuclear mass for the translational motion as well as the exact reduced masses as the asymptotic values for the relative and rotational motions. In contrast, the cranking formulae fail to do so. This is due to the fact that the (local) Galilean invariance is properly restored in the ASCC method, but violated in the cranking formulae. A model Hamiltonian for low-energy nuclear reaction is constructed with the microscopically derived potentials and inertial masses. The astrophysical S-factors are calculated, which indicates the importance of microscopic calculation of proper inertial masses.