Solder joints in thermally uncontrolled microelectronic assemblies have to be exposed to extreme temperature environments during deep space exploration. In this study, extreme temperature thermal shock test from −196 °C to 150 °C was performed on quad flat package (QFP) assembled with Sn-37Pb solder joints to investigate the evolution and growth behavior of interfacial intermetallic compounds (IMCs) and their effect on the pull strength and fracture behavior of Sn-37Pb solder joints under extreme temperature environment. Both the scallop-type (Cu, Ni)6Sn5 IMCs at the Cu lead side and the needle-type (Ni, Cu)3Sn4 IMCs at the Ni-P layer side changed to plane-type IMCs during extreme temperature thermal shock. A thin layer of Cu3Sn IMCs was formed between the Cu lead and (Cu, Ni)6Sn5 IMC layer after 150 cycles. The growth of the interfacial IMCs at the lead side and the Ni-P layer side was dominated by bulk diffusion and grain-boundary diffusion, respectively. The pull strength was reduced about 31.54% after 300 cycles. With increasing thermal shock cycles, the fracture mechanism changed from ductile fracture to mixed ductile–brittle fracture, which can be attributed to the thickening of the interfacial IMCs, and the stress concentration near the interface caused by interfacial IMC growth.