The Emmerdale actor won more votes from the viewing public ahead of Jorgie Porter after they both danced their own versions of Torvill and Dean's famous bolero routine.
Wolfenden had finished in second place on the judge's leaderboard earlier in the evening with 58.5 points to Porter's 59.
However, he was highly praised for his self-made showcase of Gene Kelly's 'Singin' in the Rain, which gained him the first perfect 30 score of the series. Porter herself later got 30 points for her repeated 'Fallin'' routine.
A beaming Wolfenden said to hosts Philip Schofield and Christine Bleakley: "It's going to take a few days to sink in, I can't believe it."
"The first time I stepped on the ice, I thought I was going to be a laughing stock."
When asked about his time on the series earlier in the show, he said: "This has been the best experience of my life, if I got asked to do it again, I don't know if I would, it's been hardest thing I've ever done."
His dance partner Nina Ulanova added: "It's something you can't describe in a few words, it's been the best six months of your life."
Runner-up Porter joked: "I just thought I'd get to wear crystals every weekend and that it would be a breeze. It's been so emotional, you never expect anything like this."
Porter's partner Matt Evers said: "It's been incredible once again, we've laughed so much, you can't stop her. There's nothing she's not been able to do."
Both Wolfenden and Porter were highly congratulated throughout the evening, with both of their bolero's given top marks by the judges.
Of Wolfenden's bolero routine, Louie Spence said: "It was superb, and by putting your own choreography in as well, you made it your own, beautiful."
A teary-eyed Jane Torvill said to Jorgie Porter: "You certainly did us proud, it was so beautiful, you looked like a ballerina."
Chico was eliminated from the competition earlier in the evening, finishing in third place.
Photo gallery - Dancing on Ice final: