The Emmerdale actor's performance of Bolero was described as "mesmerising" by judge Katerina Witt, who suggested he could have become "world class" had he started skating as a youngster.
The final saw Matthew, Jorgie and Chico perform two routines as the big showdown kicked off, but Chico's time was soon up. The former X Factor star finished in third place after becoming The Fonz for a Happy Days-inspired routine and recreating his now famous Sexy And I Know It routine.
Never one to lie down, Chico left with the quote of the night: "I might be the underdog but tonight I feel like I'm under God."
His departure left fellow soap actors Matthew and Jorgie to battle for the top spot. Both achieved perfect scores on the night - Matthew for his "charming and playful" Singin' in the Rain routine, and Jorgie for her performance to Alicia Keys' Falling, which left Chris Dean with a lump in his throat.
With the pair neck-and-neck for their own interpretation of Torvill and Dean's famous Bolero, however, it was Matthew that emerged on top.
A gracious and emotional runner-up, the ever-fearless Jorgie insisted she couldn't think of "anyone better to be up against".
On hearing his name called as the winner, Matt admitted that he thought he had made "the biggest mistake of his life" when first stepping onto the ice twelve weeks ago, but his impressive technical ability and "beautiful musicality" saw him crowned King of the Ice for 2012.
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