The 42 wt.% Sn–58 wt.% Bi (Sn-58Bi) Ball Grid Array (BGA) solder balls were mounted to electroless nickel-electroless palladium-immersion gold (ENEPIG) pads by employing the reflow process profile. The effects of reflow cycles and aging time on the interfacial microstructure and growth behavior of intermetallic compounds, as well as the mechanical properties, were investigated. Pd-Au-Sn intermetallic compound (IMC) was formed at the Sn-58Bi/ENEPIG interface. With the increase in reflow cycles and aging time, the IMC grew gradually. After five reflow cycles, the shear strength of the Sn-58Bi/ENEPIG solder joints first decreased and then increased. After 500 h of aging duration under −40 °C, the shear strength of the Sn-58Bi/ENEPIG solder joints decreased by about 12.3%. The fracture mode transferred from ductile fracture to ductile and brittle mixed fracture owing to the fact that the fracture location transferred from the solder matrix to the IMC interface with the increase in reflow cycles and aging time.