Disclosed is a lead-free solder alloy exhibiting improved drop impact resistance even after thermal aging while being good in soldering properties, void formation and discoloration. Specifically disclosed is a solder alloy consisting essentially of, in mass %, (1) 0.8-2.0% of Ag, (2) 0.05-0.3% of Cu, (3) one or more elements selected from not less than 0.01% and less than 0.1% of In, 0.01-0.04% of Ni, 0.01-0.05% of Co and 0.01-0.1% of Pt, and if necessary (4) one or more elements selected from Sb, Bi, Fe, Al, Zn and P in an amount of not more than 0.1% in total, and the balance of Sn and unavoidable impurities.