In this paper we define a Weil-Petersson type metric on the space of shrinking Kaehler-Ricci solitons and prove a necessary and sufficient condition on when it is independent of the choices of Kaehler-Ricci soliton metrics. We also show that the Weil-Petersson metric is Kaehler when it defines a metric on the Kuranishi space of small deformations of Fano Kaehler-Ricci solitons. Finally, we establish the first and second order deformation of Fano K\"ahler-Ricci solitons and show that, essentially, the first effective term in deforming Kaehler-Ricci solitons leads to the Weil-Petersson metric.
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