Sn-Bi based alloys are widely used as thermal interfacial materials, solders in electronic packaging, thermal fuse and low temperature resistant performance electronic components. However, the inherent tendency of microstructure coarsening and phase segregation in Sn-Bi alloys under thermal loading can easily lead to the inhomogeneous mechanical and thermal response behavior, which can promote crack initiation and expansion near the interface between two major phases (i.e., Bi-rich and Sn-rich phases), and this has brought about serious reliability concern for the above applications and thus attracted increasing attention in recent years. In this study, a phase field model is developed to simulate the microstructural evolution and phase segregation behavior of the eutectic Sn58Bi solder in a line-type Cu/Sn58Bi/Cu interconnect under the condition of isothermal aging and temperature gradient respectively. Results show that the Bi-rich phase and Sn-rich phase distribute inhomogeneously in the Sn58Bi alloy matrix of the solder interconnect during thermal aging; the large size Bi-rich phase particles grow up at the expense of the small size ones, and the value of coarsening exponent n is 0.17. Under temperature gradient, Bi atoms migrate along the direction of the heat flux, and consequently a Bi-rich phase segregation layer forms on the cold end, while a Sn-rich phase area is left on the hot end. The relationship between the temperature gradient distribution and the microstructural characteristics is well revealed. Moreover, the phase segregation under temperature gradient induces the decrease of thermal conductivity, which in turn deteriorates the heat transfer performance of solder interconnects. In addition, comparing the coarsening behavior of the Bi-rich phase under temperature gradient with that during isothermal aging, it is clear that the temperature gradient leads to faster coarsening of the Bi-rich phase, and there is a linear relationship between the mean equivalent radius of the Bi-rich phase and nondimensional time. Finally, the study of thermomigration kinetics of the Bi-rich phase shows that the thickness of the Bi-rich phase segregation layer increases almost linearly with nondimensional time, which is consistent with the theoretical analysis.