This research investigated the combined effects of addition of Bi and Sb elements on the microstructure, thermal properties, ultimate tensile strength, ductility, and hardness of Sn-0.7Ag-0.5Cu (SAC0705) solder alloys. The results indicated that the addition of Bi and Sb significantly reduced the undercooling of solders, refined the β-Sn phase and extended the eutectic areas of the solders. Moreover, the formation of SbSn and Bi phases in the solder matrix affected the mechanical properties of the solder. With the addition of 3 wt.% Bi and 3 wt.% Sb, the ultimate tensile strength and hardness of the SAC0705 base alloy increased from 31.26 MPa and 15.07 HV to 63.15 MPa and 23.68 HV, respectively. Ductility decreased due to grain boundary strengthening, solid solution strengthening, and precipitation strengthening effects, and the change in the fracture mechanism of the solder alloys.