The 53-year-old, who signed a three-year contract in May after a spell in caretaker charge, departed Loftus Road after a 1-0 defeat by Derby County on Tuesday left them 13th in the table.
“It’s no secret that we expected to sell some key players in the summer transfer window, and as such, our target at the start of the season reflected that," QPR director of football Les Ferdinand told the club website.
"We're all desperately disappointed it hasn't worked out with Chris. He has had to deal with this shift in expectation and has worked incredibly hard in doing so.”
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QPR were relegated from the Premier League in May after Harry Redknapp quit as manager in February and Ramsey was placed in charge of the team.
Former Rangers manager Neil Warnock, who has been acting as an adviser, has been placed in temporary charge of the team.
(Reporting by Ed Osmond; editing by Toby Davis)
