Caroline Graham Hansen scored both goals for Barcelona in the two-legged tieChelsea are out of the Women's Champions League despite an impressive draw with Barcelona in the second leg of their semi-final tie at the Nou Camp.
Emma Hayes' side, thrashed by Barca in the final two years ago, knew they had to score in Spain to overturn a 1-0 first leg deficit.
Facing a side who had won their last 19 home games in Europe, Chelsea's task became harder when Caroline Graham Hansen slotted in the opener after a devastating counter-attack in the 63rd minute.
But the Blues responded four minutes later - while the majority of the more than 70,000 fans inside Nou Camp were still celebrating - when Guro Reiten coolly struck home after Sam Kerr's smart run in behind.
Chelsea pushed for the winner as they still trailed on aggregate but it never came as Barcelona confirmed their place in the final for a third successive year.
It ends Chelsea's pursuit of a Treble but they remain firmly in the Women's Super League title race and will compete with Manchester United for the Women's FA Cup.
Meanwhile, Barcelona head into the final looking to reclaim the crown they lost to Lyon last year. They face the winner of the second semi-final between Arsenal and Wolfsburg, which is finely poised at 2-2 following the first leg.
Formidable Barcelona a task too big
Chelsea travelled to Barcelona knowing they had to produce arguably the greatest performance in their history to overturn the first-leg deficit.
The atmosphere before kick-off was carnival-like, with Barcelona fans draped in the club's colours waiting to greet the team bus and chant the name of returning Ballon d'Or winner Alexia Putellas, who was named on the bench for the first time in 10 months following a serious knee injury.
With the a hostile crowd an intimidating backdrop, Chelsea's gameplan was clear: they wanted to frustrate Barcelona, keep them at bay and stay in the game for as long as possible - and they did it well initially.
Barcelona could not manage a shot on target in the first half, although they squandered several chances.
Mariona Caldentey was teed up by Graham Hansen but fired over while Aitana Bonmati's teasing cross almost crept under the bar before goalkeeper Ann-Katrin Berger clawed it off the line.
Nigeria forward Asisat Oshoala misfired on a few occasions, while Graham Hansen - the goalscorer at Stamford Bridge in the first leg - was a constant terror.
But despite defending well for more than an hour, Chelsea were always going to have to take risks and that meant they were vulnerable to counter-attacks.
Bonmati, who pulled the strings for Barcelona in midfield, waited for the perfect opportunity to slip in Graham Hansen and when that break eventually came the Norwegian made no mistake.
Chelsea's response was immediate, Reiten finishing off a well-worked ball over the top to Kerr but it was not enough to knock formidable opponents off balance.
The hosts kept causing problems until the final minute and Chelsea could not muster another chance as their Champions League dream slipped away for another year.
Line-ups
Barcelona Femenino
Formation 4-3-3
1Paños
8Torrejón2Paredes4León Cebrián16Rolfö
14Bonmatí21Walsh12Guijarro Gutiérrez
10Hansen20Oshoala9Caldentey Oliver
1Paños8TorrejónSubstituted forCrnogorcevicat 73'minutes2Paredes4León Cebrián16Rolfö14BonmatíSubstituted forda Silva Ferreiraat 84'minutes21WalshSubstituted forEngenat 60'minutes12Guijarro Gutiérrez10Hansen20OshoalaSubstituted forParallueloat 60'minutes9Caldentey OliverSubstitutes
3Codina5Fernández Velasco6Pina7Crnogorcevic11Putellas13Coll Lluch17Paralluelo18da Silva Ferreira19Vilamala22Rábano23Engen30López SerranoChelsea Women
Formation 5-3-2
30Berger
15Périsset7Carter18Mjelde16Eriksson21Charles
17Fleming8Leupolz22Cuthbert
20Kerr11Reiten
30Berger15PérissetSubstituted forRytting Kanerydat 82'minutes7Carter18Mjelde16Eriksson21Charles17FlemingSubstituted forHarderat 76'minutes8Leupolz22CuthbertBooked at 90mins20Kerr11ReitenBooked at 18minsSubstituted forJamesat 76'minutesSubstitutes
1Musovic5Ingle10James19Rytting Kaneryd23Harder27Abdullina28Cankovic32OrmanLive Text
Match ends, Barcelona Femenino 1, Chelsea Women 1.
Second Half ends, Barcelona Femenino 1, Chelsea Women 1.
Attempt saved. Mariona Caldentey (Barcelona Femenino) right footed shot from outside the box is saved in the top centre of the goal. Assisted by Geyse Ferreira.
Corner, Barcelona Femenino. Conceded by Jess Carter.
Ana-Maria Crnogorcevic (Barcelona Femenino) wins a free kick in the defensive half.
Foul by Niamh Charles (Chelsea Women).
Erin Cuthbert (Chelsea Women) is shown the yellow card.
Offside, Barcelona Femenino. Fridolina Rolfö tries a through ball, but Geyse Ferreira is caught offside.
Attempt missed. Lauren James (Chelsea Women) left footed shot from outside the box is high and wide to the left. Assisted by Sam Kerr.
Substitution, Barcelona Femenino. Geyse Ferreira replaces Aitana Bonmatí.
Delay over. They are ready to continue.
Substitution, Chelsea Women. Johanna Rytting Kaneryd replaces Ève Périsset.
Delay in match because of an injury Aitana Bonmatí (Barcelona Femenino).
Attempt saved. Erin Cuthbert (Chelsea Women) right footed shot from outside the box is saved in the centre of the goal. Assisted by Ève Périsset.
Corner, Barcelona Femenino. Conceded by Magdalena Eriksson.
Caroline Hansen (Barcelona Femenino) wins a free kick on the right wing.
Foul by Magdalena Eriksson (Chelsea Women).
Substitution, Chelsea Women. Lauren James replaces Guro Reiten.
Substitution, Chelsea Women. Pernille Harder replaces Jessie Fleming.
Attempt blocked. Sam Kerr (Chelsea Women) right footed shot from the left side of the box is blocked. Assisted by Guro Reiten.
