David Vincent, who ran as an independent candidate against Mr Guy in last year's state election, filed a petition in the Supreme Court to remove him as the member for Bulleen and instead give himself the seat.
He came last in the race for Bulleen, securing only 0.5 per cent of the vote compared to Mr Guy's 48.06 per cent.
Mr Vincent, who represented himself in the proceedings, also wanted to be given the role of Speaker in the Legislative Assembly or president in the upper house.
He claimed Mr Guy was not fit or proper to sit in parliament and said the petition was a public interest application to improve state parliament.
Mr Vincent wanted the Independent Broad-based Anti-corruption Commission to produce documents from its investigation into Mr Guy and indicate whether charges would be recommended.
However, Justice John Dixon dismissed Mr Vincent's petition and ordered he pay for Mr Guy's costs.
His reasons will be published later on Wednesday.
The Victorian Electoral Commission referred Mr Guy to the corruption watchdog in November, after it was alleged he tried to circumvent the state's political donation laws along with his former chief of staff Mitch Catlin.
The judge had warned Mr Vincent in a prior hearing there was not enough detail in his petition to warrant the court ordering the watchdog to hand over documents.
He had also raised concerns with the petition, noting it was unclear whether it could be heard in the court.
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