The former "Baywatch" star has been learning to ice skate in recent weeks, and impressed the judges with her debut routine with professional Matt Evers, placing midway on the leaderboard.
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However, Anderson found herself in the bottom two alongside British TV presenter Keith Chegwin after the viewers voted.
She skated again, to Sinead O'Connor's "Sacrifice," in a bid to stay in the competition but experienced a slight wardrobe malfunction when her dress slipped down to reveal part of her breast.
Anderson told co-host Phillip Schofield, "My dress fell off! [I was] a little wobbly."
The judges opted to save Chegwin, but Anderson was gracious in defeat.
Speaking after she was booted off the show, the actress said, "[I feel] sad. It was really fun and now I know how to skate a little bit. I'll keep skating for sure. I feel so bad, I'm sorry Matt - he should not be here. I just stumbled, my dress, my boobs fell out, it happens."