The present research examined how cobalt microalloying additions of 0.25, 0.5, 0.75, and 1 weight percent affected the microstructural properties, thermal features, and tensile creep characteristics of eutectic Sn-5 wt.% Sb- 0.5 wt.% Cu (SSC) lead-free solder alloy. According to the results, cobalt additions of 0.25, 0.5, and 0.75 wt.% did not affect SbSn phase but significantly refined β-Sn grains, facilitating the formation of fine fibers (Cu,Co)6Sn5 together with plate-like CoSn3 phases, and preventing the formation of Cu6Sn5 phases. Furthermore, a large amount of cobalt (1wt.%) addition accumulated in the coarsening of the CoSn3 phase. Additions of 0.25 wt.% Co, 0.75 wt.% Co, and 1wt.% Co did not affect the melting temperatures, but pasty ranges had been slightly lowered, which may enhance the thermal characteristics. Addition of 0.5 wt.% Co had unfavorable effects on both melting point and pasty range. This has significant effects on solder reliability and electronic service performance. In terms of creep behavior, the SSC-0.75 wt.% Co specimens displayed the highest creep resistance because of the fine dispersion of intermetallic compounds (IMCs) and extended the creep-rupture life to a level that is 3.0 times greater than the SSC baseline. Lower creep resistance was observed in SSC-0.25 wt.% Co specimens, which was mostly due to the smaller volume fraction of the precipitate phases and the absence of the CoSn3 phase. Depending on the determined stress exponents and activation energies, it is suggested that the dominant deformation mechanism in SSC-xCo solders is the dislocation climb controlled by short-circuit pipe diffusion across the whole temperature range that was examined.