The effects of the sintering duration and powder fraction (Ag-coated Cu/SnAgCu) on the microstructure and reliability of transient liquid phase sintered (TLPS) joints are investigated. The results show that two main intermetallic compounds (IMCs, Cu6Sn5 and Cu3Sn) formed in the joints. The Cu6Sn5 ratio generally decreased with increasing sintering time, Cu powder fraction, and thermal treatment. The void ratio of the high-Cu-fraction joints decreased and increased with increasing sintering and thermal stressing durations, respectively, whereas the low-Cu-fraction counterparts were stable. We also found that the shear strength increased with increasing thermal treatment time, which resulted from the transformation of Cu6Sn5 and Cu3Sn. Such findings could provide valuable information for optimizing the TLPS process and assuring the high reliability of electronic devices.