The evolution of interfacial microstructure and its effect on shear strength under multiple reflow cycles for multi-walled carbon nanotubes (MWCNT)-reinforced Sn0.3Ag0.7Cu solder/copper joint was investigated. The melting characteristics, wettability and mechanical properties of the solder alloy were assessed. The addition of MWCNT in the range of 0.01–0.05 wt% improved the wettability, melting behaviour and mechanical strength of the SAC0307 solder alloy. The nanoparticles in small weight fraction (0.01–0.05 wt%) addition were more effective in retarding intermetallic compounds growth at the interface. Amongst all compositions studied, the SAC0307–0.05MWCNT nanocomposite showed significant improvement in the performance of SAC0307/Cu solder joint under multiple reflow condition. The nanoparticles’ reinforcement above 0.1 wt% of the solder alloy was ineffective in improving the solder performance due to increased clustering in the matrix.