The presenter finished in the bottom two with Sam Attwater after judges' scores and viewer votes for their 'Prop Week' performances were combined. Both appeared to lose support after fumbling with their allocated items in tonight's earlier routines.
The pair then did battle in a much-improved skate-off, after which a relieved Brazier stated: "If I have to go out on a performance like that I'll hold my hands up, 'cause that was my best."
However, the judging panel unanimously gave their approval to Attwater, with Emma Bunton noting that the ex-EastEnders actor had given a "fantastic second performance", and Jason Gardiner asserting that Brazier's display simply "wasn't enough".
Despite opting to let Brazier leave the competition, fellow judge Robin Cousins praised the 31-year-old for taking his performance "to another level", while Bunton revealed that she "would have loved to see both" of the bottom two in next week's semi-final.
When quizzed by hosts Phillip Schofield and Holly Willoughby about what went wrong for him this week, Brazier jested: "I'm gonna blame it on the Swedish '70s roll-neck I had on."
He added: "I feel like I'm grateful to have had the opportunity and to have gotten so far amongst so many great people.
"I've enjoyed my time on Dancing On Ice, and honestly it's great and I'm gonna keep up the skating."
He then turned to professional partner Isabelle Gauthier and said: "Thanks for putting up with me for six months."
The show's mentors Christopher Dean and Jayne Torvill bid a final farewell to Brazier, where they praised the Essex-born star's extraordinary progress throughout the competition.
Dean concluded: "We've watched him grow and come along so far and [seen] how strong he's been in his lifts, his skating and his personality. He's grown so much."
Dancing On Ice returns next Sunday at 6.40pm on ITV1, with "the hardest challenge" that any contestants have ever faced.