Nowadays, a major concern of Sn–Cu based solder alloys is focused on continuously improving the comprehensive properties of solder joints formed between the solders and substrates. In this study, the influence of Ag and/or In doping on the microstructures and tensile properties of eutectic Sn–0.7Cu lead free solder alloy have been investigated. Also, the effects of temperature and strain rate on the mechanical performance of Sn–0.7Cu, Sn–0.7Cu–2Ag, Sn–0.7Cu–2In and Sn–0.7Cu–2Ag–2In solders were investigated. The tensile tests showed that while the ultimate tensile strength (UTS) and yield stress (YS) increased with increasing strain rate, they decreased with increasing temperature, showing strong strain rate and temperature dependence. The results also revealed that with the addition of Ag and In into Sn–0.7Cu, significant improvement in YS (∼255%) and UTS (∼215%) is realized when compared with the other commercially available Sn–0.7wt. % Cu solder alloys. Furthermore, the Sn–0.7Cu–2Ag–2In solder material developed here also exhibits higher ductility and well-behaved mechanical performance than that of eutectic Sn–0.7Cu commercial solder. Microstructural analysis revealed that the origin of change in mechanical properties is attributed to smaller β-Sn dendrite grain dimensions and formation of new inter-metallic compounds (IMCs) in the ternary and quaternary alloys.