For a given graph $G=(V,\, E)$ with a terminal set $S$ and a selected root $r\in S$, a positive integer cost and a delay on every edge and a delay constraint $D\in Z^{+}$, the shallow-light Steiner tree (\emph{SLST}) problem is to compute a minimum cost tree spanning the terminals of $S$, in which the delay between root and every vertex is restrained by $D$. This problem is NP-hard and very hard to approximate. According to known inapproximability results, this problem admits no approximation with ratio better than factor $(1,\, O(\log^{2}n))$ unless $NP\subseteq DTIME(n^{\log\log n})$ \cite{khandekar2013some}, while it admits no approximation ratio better than $(1,\, O(\log|V|))$ for D=4 unless $NP\subseteq DTIME(n^{\log\log n})$ \cite{bar2001generalized}. Hence, the paper focus on parameterized algorithm for \emph{SLST}. We firstly present an exact algorithm for \emph{SLST} with time complexity $O(3^{|S|}|V|D+2^{|S|}|V|^{2}D^{2}+|V|^{3}D^{3})$, where $|S|$ and $|V|$ are the number of terminals and vertices respectively. This is a pseudo polynomial time parameterized algorithm with respect to the parameterization: "number of terminals". Later, we improve this algorithm such that it runs in polynomial time $O(\frac{|V|^{2}}ε3^{|S|}+\frac{|V|^{4}}ε2^{|S|}+\frac{|V|^{6}}ε)$, and computes a Steiner tree with delay bounded by $(1+ε)D$ and cost bounded by the cost of an optimum solution, where $ε>0$ is any small real number. To the best of our knowledge, this is the first parameterized approximation algorithm for the \emph{SLST} problem.