The former shadow chancellor and Morley MP had embraced this week’s movie theme, sporting a painted green face and a bright yellow suit as he portrayed actor Jim Carrey’s character from The Mask.
Mr Balls and his professional partner, Katya Jones, danced the Samba to Carrey’s version of the song Cuban Pete, which was used in the 1994 movie.
The routine had the studio up on their feet but the judges were less impressed, giving the pair only 24 points for their efforts.
However, it was good enough for the public who turned out to vote, with the pair getting through to next week’s show.
Eastenders actress, Tameka Empson became the second contestant to leave the show.
Labour MP Richard Burden tweeted that Mr Balls’ performance was “astonishing”, adding: “I mean... Nope, can’t describe it any other way. Just astonishing. Go for it Ed!”
Former deputy chairman of the Conservative Party, Lord Ashcroft, tweeted: “I’m getting to like @edballs ...must lie down until the feeling passes...#strictly.”
The top of this week’s leaderboard sees gymnast Claudia Fragapane and former Hollyoaks actor Danny Mac battling it out with 36 points.
Mac and his professional partner Oti Mabuse performed the Paso Doble to The Mask of Zorro’s The Train by James Horner, which had head judge Len Goodman enthusing and calling the actor: “Danny Mac the gay blade.”
Singer Will Young clashed with Goodman after his performance was criticised for a lack of salsa.
The Pop Idol winner and his professional partner Karen Clifton performed to Jai Ho (You Are My Destiny) from Slumdog Millionaire and Goodman told the pair he thought there was a lack of salsa in the dance.
Their exchanged ended with Goodman telling Young to “turn up, keep up, shut up”.
Model Daisy Lowe opened the show with a Mary Poppins themed Quick Step, while Louise Redknapp closed the show dancing the Cha Cha Cha to Flashdance... What A Feeling by Irene Cara, scoring a total of 31 points.
TV barrister Judge Robert Rinder was in character as Fred Flintstone for the Charleston as he danced to Meet The Flintstones, which judge Darcey Bussell approved of, telling him: “I loved the crazy caveman as well. You’ve very cute as a caveman.”
American singer Anastacia scored 27 for her Viennese Waltz to A Thousand Years from the Twilight movies. She was cleared to perform despite last week tearing scar tissue from a double mastectomy in 2013.
Judge Craig Revel Horwood told her she had “come back with an enormous sense of confidence and I think that is brilliant”.
Tonight’s episode will see the second celebrity being sent home after the public vote.