Ni-xCu/Sn soldering joints were aged at 200 °C, and the microstructure evolution and mechanical properties during the solid-state reaction were studied under shear loading. Results showed that the intermetallic compounds (IMCs) exhibited a Cu content-dependent transformation from the (Ni,Cu)3Sn4 phase to the (Cu,Ni)6Sn5 phase at the Ni-xCu/Sn interface. Furthermore, a Cu3Sn layer was observed exclusively at the Cu/Sn interface. The shear strength of the soldering joints after thermal aging exhibited an initial decrease followed by an increase, except for a significant enhancement at the Cu content of 60 wt.%. In addition, the evolution law of mechanical properties and failure mechanism of the thermal aging joints were elucidated based on the fracture microstructure and the fracture curve of the joints.