The torch is a triumph of symbolism and beauty, Design Museum Director Deyan Sudjic said, adding that it demonstrates how design can celebrate traditional qualities in a modern manner.
The Olympic torch is fabricated of aluminium and finished with gold. Its surface is punctured with 8,000 holes, one for each of the torchbearers who will carry the emblem of the Olympics in the 70 days preceding the games.
In addition to the main award, jurors awarded trophies for excellence in fashion, architecture, digital, furniture, graphic and transport design.
Top honours in the fashion category went to Issey Miyake for his origami-inspired 132.5 collection. Other nominees included Sarah Burtons Alexander McQueen wedding gown for the Duchess of Cambridge and Mary Katrantzous Ming vase-inspired AW11 line.