Hours before Stuttgart play Borussia Dortmund, Stuttgart bosses said the bad run in the league with just one point from four matches was the main reason for his departure.
"What was decisive in this decision was the continuing negative trend as well as that with the current personnel there were no more prospects of a sustained development," club boss Joachim Schmidt said in a statement.
The 42-year-old Bobic, a former Germany international who played at Stuttgart for five years, had been in his post since 2010.
Stuttgart, Bundesliga champions in 2007 and German Cup finalists in 2013, have lost three and drawn one of their league games.
(Reporting by Karolos Grohmann, editing by Ed Osmond)
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