In an attempt to finish at the second spot, the 27-year-old collided with China's Li Jinyu on the final lap and ended up being taken off on a stretcher.
The Briton was judged to have caused the incident and was disqualified and penalised for it.
"Following the race, Elise Christie was taken to hospital accompanied by the team doctor, team physio and team leader. She has had an X-ray on her right ankle which has shown that there are no broken bones," the Guardian quoted a Team Great Britain (GB) spokesperson as saying.
Having missed out on a medal in the 500m earlier, Christie only has the 1,000m to end her Olympics drought, providing her injuries do not prevent her from competing.
Christie was earlier disqualified in all three finals in Sochi Winter Olympics four years ago.
The 2018 Olympic Winter Games in Pyeongchang were kicked off on February 9.
The grand event which will run through February 25 will see 2,920 athletes competing for 92 nations with a record 102 gold medals at stake.(ANI)