The teenager was billed as one of Team GB's biggest hopes in Sochi, having become the first female Briton to win a World Cup skiing medal last year.
Summerhayes' disastrous first run effectively cost her a medal
However, Summerhayes fell on her second jump when she attempted a switch 1260 and her left ski came up upon landing. Her 19.40 score left her in 10th spot after the first runs.
Summerhayes completed her second run with 70.60, much to the patriotic BBC commentators' delight, but ultimately finished seventh.
"I'm gutted, I really am gutted," she said.
Canada's Dara Howell stormed to the title with a score of 94.20, while Devin Logan took silver and Kim Lamarre earned bronze.