High-density integration and fast processing speed in the semiconductor industry have increased heat generation in electronic devices. Underfill materials, known for their high thermal conductivity and low coefficient of thermal expansion (CTE), offer a potential solution to dissipate heat and improve device reliability. In this study, we investigate the effect of filler content on the thermal reliability of underfill materials for ball grid array (BGA) component packaging. Mainly, we investigate the thermal conductivity, CTE, and mechanical properties of different filler contents of Al2O3 and Al2O3–BN hybrid underfills to facilitate heat dissipation and improve device reliability. The thermal conductivity of the underfill materials was evaluated by measuring the surface temperatures of underfill molded flip-chip light-emitting diodes (FCLEDs). The mechanical properties and thermo-mechanical reliability of the underfill materials were evaluated via a three-point bending test of the underfill packaged BGA components after the thermal shock test. The results showed that optimizing underfill properties based on specific application environments is crucial for obtaining enhanced thermal reliability and mechanical properties of underfill packaged BGA components.