Recently as environmental pollution caused by Pb has posed a serious threat to the global environment, the trend to regulate the usage of Pb in electronic industry is one the rise. Currently, the solder alloy with high Pb content, Sn-37%Pb, is utilized in the electronic assembly therefore, the objective of this study is to develop an alternative solder alloy for the existing Sn-37%Pb solder alloy. First thing, this work choosed Sn-5%Pb-1.5%Ag, Sn-5%Pb-1.5%Ag-x%Bi(x=1~5%) for candidate solder alloys, and examined their properties such as melting range, wettability, microhardness, tensile property, oxidation behavior and microstructure. Wettability was on the same level of Sn-37%Pb. Dissolution of Pb ion in Sn-5%Pb solder was 0.46ppm. This solder alloy revealed cellular dendrite microstructure $eta$-Sn matrix, Pb-rich phase, Ag/Sn, and Cu/Sn Intermetallic compounds. The range of solidification temperature was within 3$0^{circ}C$. Also these alloy displayed higher tensile strength and lower elongation than Sn-37%Pb. The resistance of oxidation in Sn-5%Pb-1.5%Ag solder alloy was superior to that of Sn-37%Pb solder alloy. But that of Sn-5%Pb-1.5%Ag-5%Bi solder alloy was equal to that of Sn-37%Pb solder alloy.