Aiming at issues existed in lead-free electronic packaging, as well as the air pollution induced by volatile organic compounds (VOC) in conventional soldering fluxes, a new VOC-free no-clean flux was formulated specifically for lead-free wave soldering. Spread test and wetting balance test were carried out to evaluate the activity of the newly developed flux with Sn3.8Ag0.7Cu lead-free solder. Besides, influence of flux residues on corrosivity and reliability of printed circuit board (PCB) was investigated by measurement of surface insulation resistance (SIR). The results showed that VOC-free fluxes required a good preheat process to obtain better soldering performance. And, flux residues of new VOC-free 1 had higher corrosivity than VOC and VOC-free 2, so the flux formulations needed to be ameliorated for the future. Due to the benefits of eco-friendly and cost saving, it is promising to successful implementation of VOC-free fluxes if some process modification is done.