Veh, who led VfB Stuttgart to the 2007 Bundesliga title, had taken over in July on a two-year contract. A 1-1 draw against promoted Ingolstadt on Saturday compounded Frankfurt's woes.
"Parting ways was very difficult for us because Armin Veh had our faith until now," said club CEO Heribert Bruchhagen in a brief statement.
"But we wanted to give the team with this change of coach an important impulse because we want to be successful in our relegation battle."
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Assistant coach Reiner Geyer will take over on an interim basis with the club determined to find a successor to Veh quickly.
Frankfurt have managed just two wins in their last 15 league games after a promising start to the season and are now on the relegation playoff spot, three points ahead of 17th-placed Hoffenheim.
(Reporting by Karolos Grohmann; editing by Sudipto Ganguly)
