Disclosed herein are a lead-free solder alloy and a manufacturing method thereof. More specifically, disclosed are: a lead-free solder alloy, which comprises 0.8-1.2 wt % silver (Ag), 0.8-1.2 wt % copper (Cu), 0.01-1.0 wt % palladium (Pd), 0.001-0.1 wt % tellurium (Te), and a balance of tin (Sn), and thus has a melting point similar to those of prior lead-free solder alloys, excellent wettability, very low segregation ratio, and excellent weldability with a welding base metal, such that it improves temperature cycle performance and drop impact resistance simultaneously, when it is applied to electronic devices and printed circuit boards; a manufacturing method of the above alloy; and electronic devices and printed circuit boards which include the same.