This study aims to evaluate solder joint reliability under high speed impact tests using nanoindentation properties of intermetallic compounds (IMCs) at the joint interface. Sn–Ag based solder joints with different kinds of interfacial IMCs were obtained through the design of solder alloy/substrate material combinations. Nanoindentation was applied to investigate the mechanical properties of IMCs, including hardness, Young’s modulus, work hardening exponent, yield strength, and plastic ability. Experimental results suggest that nanoindentation responses of IMCs at joint interface definitely dominates joint impact performance. The greater the plastic ability the interfacial IMC exhibits, the superior impact energy the solder joints possess. The concept of mechanical and geometrical discontinuities was also proposed to explain brittle fracture of the solder joints with bi-layer interfacial IMCs subject to impact load.