"The circumstances we find ourselves in have left the board of directors with very little choice but to make a change," read a club statement.
"The board will now be working actively to put a new managerial structure in place as soon as possible."
Mark Bowen and Eddie Niedzwiecki will take charge for the match away to Manchester United on Saturday.
"This decision has been taken after careful consideration by the board of directors, following numerous meetings over the last few days," the statement added.
"The board of directors wish to thank Mark for his commitment, hard work and dedication in his 10 months in charge.
"Mark has shown integrity and professionalism throughout his time."
The club said that it would make "a further announcement in due course" with former Tottenham boss Harry Redknapp favourite to take charge at Loftus Road.
Official Statement
Queens Park Rangers Football Club has today (Friday) terminated the contract of manager Mark Hughes with immediate effect.
This decision has been taken after careful consideration by the Board of Directors, following numerous meetings over the last few days.
The Board of Directors wish to thank Mark for his commitment, hard work and dedication in his 10 months in charge.
Mark has shown integrity and professionalism throughout his time here, but ultimately the circumstances we find ourselves in have left the Board of Directors with very little choice but to make a change.
The Board will now be working actively to put a new managerial structure in place as soon as possible.
Mark Bowen and Eddie Niedzwiecki will take charge of the R's trip to Manchester United in the Barclays Premier League on Saturday afternoon.
The club will be making a further announcement in due course.
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