The last one-hour show was filmed in front of a live audience in The ABC's Melbourne studios on Wednesday night, followed by a wrap party for host Adam Hills, team leaders Myf Warhurst and Alan Brough and the programme's production team.
Hills performed a karaoke rendition of 'Footloose' at the celebration, while Warhurst sang Rick Springfield hit 'Jessie's Girl', according to The Daily Telegraph.
Hills later gave a speech, saying: "At the beginning of every year, Alan and Myf and I got together and said, 'What do you reckon [about continuing the show]?'
"The last few years it was, 'I don't know how much longer we've got in us' and 'I don't know how long we can keep this fresh for'. This year, we decided we had one more season in us and at the end it will be time to say goodbye."
Geoffrey Rush, Rhonda Burchmore, Peter Hellier, Darren Hayes, Ella Hooper and Shane Bourne were among the special guests on the last episode.
When the end of Spicks and Specks was announced in May, Hills said: "We always said we wanted to leave when we were on top and while we were still having fun, and now feels like the right time. We are indebted to our loyal fans for giving us seven amazing years on Australian television."
Spicks and Specks won a Logie Award this year for 'Most Outstanding Light Entertainment Programme'. Hills was also nominated for the prestigious Gold Logie award but lost out to breakfast TV star Karl Stefanovic.