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In this study, the degradation characteristics of solder joints composed of powder-size Sn-3.0Ag-0.5Cu and the substrate surface finish are compared. Reflow is performed at a N2 ambient to apply an organic solderability preser- vative (OSP), electroless nickel/immersion gold (ENIG) substrates, and solder pastes of Type 6 (5-15 ㎛) and Type 7 (2-11 ㎛). Subsequently, a thermal shock test (TST) is performed for 1,500 cycles at a temperature of -40 ℃ to 125 ℃ (dwell time of 10 min) to analyze the deterioration characteristics. After N2 reflow is performed, the void content of the OSP substrate/solder joints is higher than that of the ENIG substrate/solder joints, and the shear strength of the ENIG substrate/solder joints is higher than that of the OSP substrate/solder joints. After 500 TST cy- cles, the shear strength at the OSP substrate/Type 7 solder joints does not decrease, whereas the shear strength at the ENIG substrate/Type 7 solder joints decreases by approximately 25%. Cross-sectional analysis shows that Cu6Sn5 and (Ni,Cu)3Sn4 intermetallic compounds (IMCs) emerged in the OSP and ENIG interfaces, respectively. The in- creasing rate of IMC thickness at the Type 7 solder joints is higher than that at the Type 6 solder joints. Fracture analysis shows that the OSP and ENIG joints fractured in the solder and solder/IMC interfaces, respectively. The IMC of the OSP and ENIG joints exhibit scallop and needle shapes, respectively. The ENIG joints fractured at the solder/IMC interface because of a stress concentration in the needle-type IMC. After 1500 TST cycles, the shear strength of all samples decreases by more than 50%. Cross-sectional analysis shows a crack at the solder joints of all samples after 1,000 cycles. The decrease in shear strength is caused by these cracks.