Cu-Co alloy films with different Co contents were prepared as under bump metallization (UBM) via magnetron sputtering by adjusting the current ratio of Cu and Co targets. The interfacial reactions and solder joint reliability between the UBM layer and Sn96.5-Ag3.0-Cu0.5 (SAC305) solder after one, three, and five reflow soldering cycles were investigated. The results indicated that a scallop-like Cu6Sn5 phase forms at the SAC/Cu interface, while the introduction of the Cu-Co UBM transforms the interface into a layered structure containing the (Cu,Co)6Sn5 phase. Additionally, the intermetallic compound (IMC) layer dissolution phenomenon was observed in the 0.5 A sample after one and three reflow cycles, as well as in the 0.5 A and 1 A samples after five reflow cycles. The IMC thickness exhibits a trend of first decreasing and then slowly increasing with increase in the Co target current, which is the combined result of the Co target current, reflow cycles, and Co content regulating the microstructure, atomic diffusion behavior, and nucleation process of the UBM layer. Shear tests showed that, except for the solder joints with the 0.5 A Co target current after five reflow cycles, where the coarsened (Cu,Co)6Sn5 particles act as crack sources leading to reduced joint strength, the shear strength of all the other Cu-Co UBM solder joints was higher than that of SAC/Cu solder joints. In conclusion, a Co target current of 2 A (corresponding to a Co content of 21.88%) is the optimal process parameter for preparing Cu-Co films, at which the IMC thickness is stable and the solder joint shear strength is high.