The development of miniaturized and multifunctional electronic products makes the devices face problems such as thermal damage and substrate warpage during the packaging and assembly process. In order to reduce the thermal impact of electronic packaging and assembly processes on chips and devices, low melting point interconnect materials need to be researched and developed. Tin-bismuth (Sn-Bi) alloy solder has received considerable attention due to its low melting point, low cost, good wettability and mechanical strength, but the segregation of the brittle Bi phase is detrimental to the long-term service reliability of the devices. By adding alloying elements to the Sn-Bi solder to form a Sn-xBi-yM alloy solder, the service reliability of the Sn-Bi alloy solder and its solder joints can be effectively improved. This paper analyzes and summarizes the effects of different alloying elements on the melting point, wettability, microstructure, mechanical properties, interfacial reaction and reliability of Sn-Bi solder from the perspective of solder alloying. And based on the existing research results, the future development direction of Sn-Bi alloy solder is prospected.