The Coronation Street actor, who has finished bottom of the judges' leaderboard for the last two weeks, faced off against Chemmy Alcott in the final vote.
Whyment predicted his exit immediately after the skate-off and was proven right when the panel of Louie Spence, Katarina Witt and Robin Cousins voted to save Alcott.
In giving her verdict, Witt told the soap star that he "should be very proud" of his progress, while Cousins said that he had been "great to watch throughout the series".
Spence called the voting to a close by explaining that in his eyes Alcott "did shine a little bit more".
Speaking to hosts Phillip Schofield and Christine Bleakley after the decision, Whyment described Dancing on Ice as an "absolutely amazing time" and said that professional partner Vicky Ogden would be "a friend for life".
He also thanked Corrie bosses for letting him appear on the show and said he was "looking forward to spending some quality time with [his] wife and kids".
Alcott ended up in the skate-off despite having her points from the judges doubled for winning the team challenge with Jorgie Porter and Jennifer Ellison, putting her in second place before the public vote.
Dancing on Ice returns for a circus-themed props week next Sunday (March 11) at 7.15pm on ITV1.