ENIG (electroless Ni immersion gold) is one of surface finishing which has been most widely used in fine pitch SMT (surface mount technology) and BGA (ball grid array) packaging process. The reliability for package bondability is mainly affected by interfacial reaction between solder and surface finishing. Since the behavior of IMC (intermetallic compound), or the interfacial reaction between Ni and solder, affects to some product reliabilities such as solderability and bondability, understanding behavior of IMC should be important issue. Thus, we studied the properties of ENIG with P contents (9 wt% and 13 wt%), where the P contents is one of main factors in formation of IMC layer. The effect of P content was discussed using the results obtained from FE-SEM(field-emission scanning electron microscope), EPMA(electron probe micro analyzer), EDS(energy dispersive spectroscopy) and Dual-FIB(focused ion beam). Especially, we observed needle type irregular IMC layer with decreasing Ni contents under high P contents (13 wt%). Also, we found how IMC layer affects to bondability with forming continuous Kirkendall voids and thick P-rich layer.