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."
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)
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