The actor and his professional partner Frankie Poultney found themselves in the skate-off alongside Kieron Richardson and Brianne Delcourt after the judges' scores and viewers' votes had been added together.
Both couples then had to repeat their "prop week" routines to persuade judges Karen Barber, Nicky Slater, Jason Gardiner, Emma Bunton and Robin Cousins to keep them in the competition.
During his routine, Young dropped his hat and later said: "What will be will be. I've had an amazing time."
Barber then decided to save Young, while Slater plumped for Richardson. Gardiner, Bunton and Cousins also saved Richardson, meaning that Young had to leave the show.
After hearing the decision, he said: "I've had the most amazing time... Guys, I wish you all the best. Dan [Westbrook], you know I love you and I wish you all the best. Thanks to the judges, thanks to everyone who voted me. And Frank's has been absolutely amazing. I've had a hard journey in parts and she's been great."
The semi-final of Dancing On Ice starts next Sunday at 7.20pm on ITV1.