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Multicast services are becoming more popular in the current network. As a result, the multicast routing algorithm which is load-balanced and minimum bandwidth resource will be more important since the bandwidth resource is seriously scarce and the network load is imbalance. To solve these problems, this paper proposes a dynamic multicast routing algorithm for minimum bandwidth cost and load-balanced under delay constraint, which is called DCLB. With abundant of simulation experiments by MATLAB, the experiment results show that the algorithm DCLB can save bandwidth resource as well as accomplish load-balance under the exact delay constraint. Such algorithm can meet the desired network requirements well.