The TV presenter - who used to date Hollywood star George Clooney - and her professional partner Val Chmerkovskiy were voted off the programme by viewers after receiving a score of 21 out of 30, but fellow contestants David Arquette and Kym Johnson, and Chaz Bono and Lacey Schwimmer survived from the bottom three.
Val praised the brunette beauty, but regrets not performing "better", he said: "I wish I did better for you. But I'm very lucky to be here."
Elisabetta - who has become the second person eliminated from the current series - described her time on the programme as a "gift" and a "great adventure" as she thanked her fans.
She added: "For me, it was a gift every day staying here. It was a great adventure. I want to thank everybody because they made me come here. Thanks to the public and to everybody who voted for us.
"Now I am really nervous, but thank you anyway. It was a great experience."