Ramsay, the star of hit shows Kitchen Nightmares and Hell's Kitchen, was filming The F Word in Iceland when he slipped and fell 85 metres, The Sun reported.
"I thought I was a goner," Ramsay said.
"They say cats have nine lives. I've had 12 already and I don't know how many more I'll have."
The 41-year-old told The Sun he struggled to get to the surface because of the heavy gear he was wearing.
"I remember thinking, 'Oh f**k'. My boots and my waterproofs were dragging me down."
"I'm an extremely good swimmer but I couldn't get to the surface. I was panicking and my lungs were filling up with water."
"When I got to the top after getting my boots off I was dazed and my head was totally numb."
Ramsay's TV crew pulled him out after throwing him a rope.
He said he was too scared to tell his wife, Tana.
"I chickened out but she knew something was up. She was upset and extremely pissed off. When I was underwater all I could think of was Tana and my kids.
"It wasn't until I was on the plane home I realised what a close call I'd had."
Whew. Lucky for him.