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.
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.""