With the development of electronic technology towards high power, miniaturization, and system integration, power electronic packaging is facing increasing challenges, especially for die attachment. This research aims to explore silver-coated copper (Cu@Ag) paste with sufficient mechanical properties and high-temperature reliability, as an alternative solution for silver sintering with lower cost. Firstly, micro-Cu@Ag sintering pastes were investigated under four kinds of polyol-based solvent systems and two types of particle morphologies, which included sphere-type (SCu@Ag) and flake-type (FCu@Ag). Sintering performance and microstructural evolution were compared and analyzed. Notably, sintered joints employing the terpineol–polyethylene glycol solvent system and flake-type morphology displayed a denser microstructure in comparison to SCu@Ag joints. Its bonding strength reached 36.15 MPa, which was approximately 20% higher than SCu@Ag joints. Subsequently, the influence of key sintering process parameters on Cu@Ag joints was analyzed, including sintering temperature, pressure and time. Additionally, high-temperature aging and thermal cycling tests were conducted on the optimized Cu@Ag joints to assess their reliability. Finally, the micromechanical properties of Cu@Ag joints before and after high-temperature aging were further evaluated by nanoindentation including creep properties. The elastoplastic constitutive models of Cu@Ag sintered materials with different particle morphologies were constructed, providing valuable insights for reliability evaluation. The results indicated that FCu@Ag joints exhibited satisfactory creep resistance and high-temperature reliability. In conclusion, the FCu@Ag micro-paste based on the terpineol–polyethylene glycol solvent system proposed in this study demonstrated sufficient bonding strength, high reliability, and adequate mechanical properties as an attractive solution for high-temperature power electronics packaging.