In this study, intense pulsed light (IPL) soldering was employed on Sn-58Bi solder pastes with two distinct particle sizes (T3: 25–45 μm and T9: 1–8 μm) to investigate the correlation between the solder microstructure and mechanical properties as a function of IPL irradiation times. During IPL soldering, a gradual transition from an immature to a refined to a coarsened microstructure was observed in the solder, impacting its mechanical strength (hardness), which initially exhibited a slight increase followed by a subsequent decrease. It is noted that hardness measurements taken during the immature stage may exhibit slight deviations from the Hall–Petch relationship. Experimental findings revealed that as the number of IPL irradiation sessions increased, solder particles progressively coalesced, forming a unified mass after 30 sessions. Subsequently, after 30–40 IPL sessions, notable voids were observed within the T3 solder, while fewer voids were detected at the T9-ENIG interface. Following IPL soldering, a thin layered structure of Ni3Sn4 intermetallic compound (IMC) was observed at the Sn-58Bi/ENIG interface. In contrast, reflow soldering resulted in the abundant formation of rod-shaped Ni3Sn4 IMCs not only at the reaction interface but also within the solder bulk, accompanied by the notable presence of a P-rich layer beneath the IMC.