Low Ag lead-free Sn-Ag-Cu (SAC) solders have attracted great interest due to their good drop resistance, high welding reliability, and low melting point. However, low Ag may lead to the degradation of the mechanical properties. Micro-alloying is an effective approach to improving the properties of SAC alloys. In this paper, the effects of minor additions of Sb, In, Ni, and Bi on microstructure, thermal and mechanical properties of Sn-1 wt.%Ag-0.5 wt.%Cu (SAC105) were systematically investigated. It is found that the microstructure can be refined with intermetallic compounds (IMCs) distributed more evenly in the Sn matrix with additions of Sb, In, and Ni, which brings a combined strengthening mechanism, i.e., solid solution strengthening and precipitation strengthening, leading to the tensile strength improved of SAC105. When Ni is substituted by Bi, the tensile strength is further enhanced with a considerable tensile ductility higher than 25%, which still meets the practical demands. At the same time, the melting point is reduced, the wettability is improved, and the creep resistance is enhanced. Among all the investigated solders, SAC105-2Sb-4.4In-0.3Bi alloy possesses the optimized properties, i.e., the lowest melting point, the best wettability, and the highest creep resistance at room temperature, implying that element alloying plays a vital role in improving the performance of SAC105 solders.