The English side and their interim manager Rafael Benitez will be under pressure to beat Brazil's Corinthians in Sunday's final after becoming the first holders to exit the Champions League at the group stage last week.
Juan Mata finished a classy move in the 17th minute to give Chelsea the lead, smashing in a left-foot shot after a low ball from Ashley Cole, sent clear by a back-heel from Oscar.
Torres added Chelsea's second with a deflected drive 20 seconds after the break, his fifth goal in three games.
Mata's cross was turned into his own net by Darvin Chavez moments later to effectively kill off the game, although Aldo de Nigris grabbed a consolation for Monterrey in stoppage time.
European teams have won the last five Club World Cup tournaments, Barcelona lifting the trophy in 2009 and 2011, and Manchester United the only English winners in 2008.
The Egyptian giants, Ahly , who qualified for the tournament after snatching the African Champions League trophy from Esperance of Tunisia, will face Monterrey of Mexico.
“We are determined to win the bronze medal, ” the Red Devils manager Sayed Abdel-Hafiz stated early Thursday.