The abnormal growth of Ag3Sn intermetallic compounds in eutectic Sn-3.5% Ag solder was investigated through high-temperature aging treatment. Microstructural evolutions of this solder before and after the aging treatment were observed by optical microscopy and scanning electron microscopy. Precise differential thermal analysis was made to study the changes in enthalpies of the solder under different conditions. The results reveal that the water-cooled solder is in metastable thermodynamic state due to the high free energy of Ag3Sn nanoparticles, which sporadically distribute in the matrix as second-phase. The second-phase Ag3Sn nanoparticles aggregate rapidly and grow to form bulk intermetallic compounds due to the migration of grain boundary between primary Sn-rich phase and the Ag3Sn nanoparticles during high temperature aging treatment.