The Prince of Darkness required medical attention after singeing his hair and injuring his hand while tackling the blaze at their Beverly Hills home.
A candle left burning through the night exploded in its glass vase and sparked a small blaze in their living room and quick-thinking Ozzy, whose arm had been bandaged up following hand surgery on Wednesday, tried to air the room as Sharon rushed to collect some water. But her efforts to extinguish the oily flames only caused the fire to spread, singeing chunks of the rocker's long locks in the process.
Firefighters were called to the scene and quickly put out the blaze.
Sharon revealed the drama on her US show The Talk, saying: "Everybody is fine. There was only Ozzy, myself and the dogs in the house last night.
"At five o' clock (am), I heard a noise like metal had fallen. I thought it was my housekeeper coming in and she had dropped her keys on the tiles, that's what it sounded like, so I didn't pay any attention. A few minutes later, my eyes are stinging and my throat's closing up, (I thought), 'Something's weird smelling in here'.
"Then my dog started to bark. I go downstairs and the whole living room (was on fire). The candle had burst and the cracking sound was the glass and the candle exploding...
"My husband had an operation on his hand yesterday so he's in a complete cast... He comes down and goes, 'Oh, the fire, the fire!' (and tries to put it out) with his hand in the cast. Then he opens the French doors and I go into the kitchen and throw water on it and it erupted."
She continued: "Ozzy's front of his hair from (his ear down is), gone! His eyebrows (are gone)... he's got like, skinned cheeks. We are, like, two idiots, it was like The Three Stooges... Everything you are not meant to do - go to bed with candles alight, open the doors and put water on - we did it all."
The couple got a telling off from the emergency workers and now Sharon has warned other candle lovers to be extra careful.
The reality TV star also used the opportunity to issue a sincere apology to Ozzy and vow never to light another candle in their house ever again.
She said, "They (the firemen) come up, they give us a lecture, and Ozzy's like, 'She's been doing this to me for 32 years! You tell her, you tell her, no more candles!'
"I apologise to my husband because he put himself out. He made his hand worse, it started to bleed, the whole nine yards, and I'm sorry and I love you and I will never light a candle again...
"I want to thank the firemen from Beverly Hills Fire Station because you are magnificent there and I want to say to everyone out there, please, please check your candles before you go to bed."