A high-strength Pb-free solder alloy, based on the Sn--Ag--Zn system, is disclosed. The Pb-free solder alloy contains, in weight percent, 0.2-0.6% Zn, 1-6% Ag, one or both 0.2-0.6% In and 0.2-0.6% Bi, and the balance Sn. The addition of Zn significantly improves the mechanical strength and creep resistance of e.g., Sn--3.5% Ag eutectic solder while maintaining substantially the same level of ductility. The increase in strength is as much as 48% over that of the Sn--3.5% Ag alloy. This strengthening from the Zn additions is attributed to a uniform solidification structure and a substantial refinement of the precipitates in the alloy. Essentially all of the added Zn resides in the more corrosion-resistant, Ag-based, intermetallic precipitates, leaving the Sn-rich matrix primarily free of Zn in solid solution.