It is an object of the present invention to provide a Ag—Pd—Cu—Ge type silver alloy which can form a reflective electrode film having such two characteristics that it is very reduced in the lowering of reflectance caused by thermal deterioration and has resistant to yellowing caused by sulfurization even after a heating step in a process of producing a color liquid crystal display. The silver alloy according to the present invention includes a composition containing at least four elements including Ag as its major component, 0.10 to 2.89 wt % of Pd, 0.10 to 2.89 wt % of Cu and 0.01 to 1.50 wt % of Ge, and the total amount of Pd, Cu and Ge is 0.21 to 3.00 wt %.