The effect of flip chip bonding parameters on formation of intermetallic compounds (IMCs) between Au stud bumps and Sn-3.5Ag solder was investigated. In this study, flip chip bonding temperature was performed at $260^{circ}C$ and $300^{circ}C$ with various bonding times of 5, 10, and 20 sec. AuSn, $AuSn_2$ and $AuSn_4$ IMCs were formed at the interface of joints and (Au, Cu)$_6Sn_5$ IMC was observed near Cu pad side in the joint. At bonding temperature of $260^{circ}C$, $AuSn_4$ IMC was dominant in the joint compared to other Au-Sn IMCs as bonding time increased. At bonding temperature of $300^{circ}C$, $AuSn_2$ IMC clusters, which were surrounded by $AuSn_4$ IMC, were observed in the solder joint due to fast diffusivity of Au to molten solder with increased bonding temperature. Bond strength of Au stud bump joined with Sn-3.5Ag solder was about 23 gf/bump and fracture mode of the joint was intergranular fracture between $AuSn_2$ and $AuSn_4$ IMCs regardless bonding conditions.