In electronic packaging products in the service process, the solder joints experience thermal fatigue due to temperature cycles, which have a significant influence on the performance of electronic products and the reliability of solder joints. In this paper, the thermal fatigue failure mechanism of solder joints in microelectronic packages, the microstructure changes of the thermal fatigue process, the influence factors on the joint fatigue life, and the simulation analysis and forecasting of thermal fatigue life are reviewed. The results show that the solder joints are heterogeneously coarsened, and this leads to fatigue cracks occurring under the elevated high-temperature phase of alternating temperature cycles. However, the thickness of the solder and the hold time in the high-temperature phase do not significantly influence the thermal fatigue. The coarsened region and the IMC layer thicken with the number of cycles, and the cracks initiate and propagate along the interface between the intermetallic compound (IMC) layer and coarsened region, eventually leading to solder joint failure. For lead-containing and lead-free solders, the lead-containing solder shows a faster fatigue crack growth rate and propagates by transgranular mode. Temperature and frequency affect the thermal fatigue life of solder joints to different degrees, and the fatigue lifetime of solder joints can be predicted through a variety of methods and simulated crack trajectories, but also through the use of a unified constitutive model and finite element analysis for prediction.