The 1984 gold medalists performed a dance medley with show professionals James Jordan and Aliona Vilani in front of a studio audience made up entirely of children.
The skating duo were pitted against one another in a routine that included Tango, American Smooth and Quickstep elements.
"You were nice on ice," quipped head judge Len Goodman after the pairs had performed. "But I'm telling you, you're good on wood."
Darcy Bussell picked Dean as her star of the night, but in the end, Torvill emerged the victor after winning both Goodman and Bruno Tonioli's votes.
"I'm really thrilled," she said, "but I have to say I want to share it with Chris (Dean).
"I'll have it six months and he can have it six months."
Torvill and Dean will return to screens in the New Year with the eighth and final series of ITV's Dancing on Ice.