The aluminium torch, the creation of east London duo Edward Barber and Jay Osgerby, has been named Design Of The Year.
It has been hailed by prize organisers, the Design Museum, as a "beautiful symbol of the Olympic Games" which "also meets a demanding design brief".
The Duchess's dress, designed by Sarah Burton, was up for the fashion category which was won by Issey Miyake for the 132.5 collection.
The torch, which has been compared to a cheese grater or an ice cream cone, won best product and then beat other category winners to international Design Of The Year.
The object is perforated with 8,000 holes to represent each of the torch bearers carrying it on a nationwide trip to the July 27 lighting of the Olympic cauldron to start the Games.
As well as being decorative, the holes reduce the weight of the torch and prevent heat from the flame being conducted to the bearer's hand.
Design Museum director Deyan Sudjic said: "Nothing is harder to get right than designing for the Olympics.
"The lightness and simplicity of Barber Osgerby's Olympic torch does just that. The torch not only captures the spirit of London as Olympic host city but also demonstrates how design can celebrate traditional ideas in a modern way."
The Olympic Velodrome in east London took the architecture title and the transport gong was awarded to the redesign of the emergency ambulance.
The Olympic torch, along with the other shortlisted designs, is on show at the Design Museum in London until July 4.
Sir Steve Redgrave is the current 1/2 favourite to light the cauldron, followed by Dame Kelly Holmes and Tom Daley at 7/1.
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