Provided is a lead-free solder alloy that has excellent tensile strength and ductility, does not deform after heat cycles, and does not crack. The In and Bi content are optimized and the Sb and Ni content are adjusted. As a result, this solder alloy has an alloy composition including, by mass, 1.0 to 7.0% of In, 1.5 to 5.5% of Bi, 1.0 to 4.0% of Ag, 0.01 to 0.2% of Ni, and 0.01 to 0.15% of Sb, with the remainder made up by Sn.