In a year when much of the smart money was betting on Soviet leader Mikhail Gorbachev and President Reagan, Time magazine yesterday named Chinese leader Deng Xiaoping its 1985 Man of the Year. It was the second time the 81-year-old patriarch of more than 1 billion people received the honor. He won the title in 1978 shortly after his rise to prominence following the death of Mao Tse-tung in 1976.

Gorbachev and Reagan were nominees based on their historic though insubstantial Geneva summit. Other nominees included jailed antiapartheid activist Nelson Mandela, Live Aid concert creator Bob Geldof and "The Terrorist." The Man of the Year honor is awarded by the editors of Time to the individual they believe has had the greatest influence in the past year -- good or bad -- on world affairs.

Deng, the former vice premier of the world's most populous nation, wields power with no official title. In becoming the 59th annual Man of the Year, he was, according to Time, "selected this year for introducing in China sweeping economic reforms which have challenged Marxist orthodoxies and liberalized the productive energies of a billion people." As part of his economic reforms, Chinese peasants are permitted to grow what they wish or engage in limited free enterprise. End Notes

Garrison Keillor, the creator of the well-loved radio program "A Prairie Home Companion," who says he honed his comic skills working hard trying to get those dour Scandinavians in the upper Midwest to laugh, was married in Denmark yesterday to a former Danish exchange student he first met 25 years ago in Minnesota. Keillor, now also the bestselling author of "Lake Wobegon Days," met his new wife Ulla Skaerved in 1960 when they were high school classmates. He didn't see her again until last August at a high school reunion. The couple will live in St. Paul, Minn. It is the second marriage for both. She has three children and he has one . . .

When Capt. James T. Kirk isn't aboard the Starship Enterprise, he's on his new horse farm in central Kentucky. Kirk, who is also known as actor William Shatner, and his wife Marcy bought and moved to the farm near Lexington last month where they will raise American saddlebred horses and house their two-time world champion stallion, Sultan's Great Day . . .

Rock star Bruce Springsteen, who practices what he preaches, has donated $10,000 to a Red Bank, N.J., soup kitchen trying to raise money for a new center. Springsteen, who lives in nearby Rumson, has donated money in the past for food projects and has encouraged fans at concerts to contribute to charitable groups. A spokesman for the food kitchen said Springsteen donated the money last week and said he didn't want any publicity for it . . .

Rock 'n' roller Jerry Lee Lewis has filed for divorce from his sixth wife, charging that she stripped their Memphis penthouse of his gold and platinum records, family heirlooms and antiques. "The only thing left is the piano," said his lawyer. In his lawsuit, the 50-year-old Lewis, who recently has had a series of medical problems, said his 23-year-old wife was trying "to reforge and reconstitute my personality, as well as my professional image." He married his present wife Kerry Lewis in 1984. His fifth wife, Shawn Michelle, died of a drug overdose less than three months after their 1983 marriage. His fourth, Jaren, drowned in a swimming accident in 1982 shortly after she and Lewis filed for divorce; his third marriage, to a 13-year-old cousin, ended in divorce, as did two earlier marriages. Maybe Lewis should forget about marriage; it doesn't seem work out all that well for him . . .