Ag paste has been recognized as a promising substitute for Sn/Pb solder in SiC or GaN power electronic devices, owing to its ability to withstand high temperatures and facilitate low-temperature packing. The reliability of these high-power circuits is greatly influenced by the mechanical properties of sintered Ag paste. However, there exist substantial voids inside the sintered silver layer after sintering, and the conventional macroscopic constitutive models have certain limitation to describe the shear stress–strain relationship of sintered silver materials. To analyze the void evolution and microstructure of sintered silver, Ag composite pastes composed of micron flake silver and nano-silver particles were prepared. The mechanical behaviors were studied at different temperatures (0–125 °C) and strain rates (1 × 10−4–1 × 10−2) for Ag composite pastes. The crystal plastic finite element method (CPFEM) was developed to describe the microstructure evolution and shear behaviors of sintered silver at varied strain rates and ambient temperatures. The model parameters were obtained by fitting experimental shear test data to a representative volume element (RVE) model built on representative volume elements, also known as Voronoi tessellations. The numerical predictions were compared with the experimental data, which showed that the introduced crystal plasticity constitutive model can describe the shear constitutive behavior of a sintered silver specimen with reasonable accuracy.