Participants, including family and friends of footballer Jacob Schilt, set out to complete the journey he never finished.
Mr Schilt was among 11 people who died when the Hawker Hunter jet came down on the A27 in Sussex on 22 August.
He was part of the fundraising team at the Robert Eaton Memorial Fund (REMF), which organised the memorial walk.
The walk began at 10:00 BST and moved from a memorial footbridge in Shoreham, along an A27 footpath, to Worthing United's ground in Lyons Farm.
Brett Mendoza, REMF vice chairman, tweeted: "Today is the day. It's so sad we are doing this, but Jacob this is for you."
Mr Schilt, who played for Worthing United, was travelling to a game with team-mate Matthew Grimstone when they were killed.
The charity said it would donate any money raised to Worthing United Youth FC.

Minute's applause

Later on Saturday, Brighton and Hove Albion paid tribute to Mr Schilt and Mr Grimstone before the match with Hull City.
Mr Grimstone worked as a groundsman at Brighton's Amex Stadium.
At the request of the families, who were present, there was a minute's applause just before kick-off, the club said.
During the applause, two giant shirts bearing messages of condolence were raised and 11 fans held candles and flowers in memory of all the victims.