The microstructure, evolution of intermetallic compound (IMC) layers, and mechanical property changes in Sn58Bi/Cu and Sn58Bi–0.3Co/Cu solder joints were studied during thermal aging at 393 K. During aging, the nucleation rate of the Cu6Sn5 phase was significantly enhanced by introducing Co particles, forming a substitution solid solution (Cu, Co)6Sn5 with a small block-like structure that was freely distributed within the matrix. The IMC layer was transformed from Cu6Sn5 to (Cu, Co)6Sn5, forming a more stable structure that effectively suppressed the Cu3Sn layer growth. During the aging process, the size of (Cu, Co)6Sn5 grains was significantly smaller than Cu6Sn5 grains. Furthermore, gradual growth into prismatic shapes was observed in (Cu, Co)6Sn5 grains, with a relatively wide grain size distribution. The introduction of Co effectively inhibited the expansion of cracks during the aging process, and the probability of fracture occurring at the matrix/IMC interface was significantly reduced. Adding Co increased the shear strength of Sn58Bi/Cu solder joints within the identical aging period.