The 49-year-old Welshman only narrowly avoided relegation after taking over from Neil Warnock in January and has fallen foul of his employers having spent heavily over the summer and failing to secure a Premier League win this term.
His dismissal leaves Harry Redknapp, who revealed he was in talks over taking charge of the Ukraine international side earlier this week, a clear favourite to take the Loftus Road hot-seat.
A QPR statement read: "The board of directors wish to thank Mark for his commitment, hard work and dedication in his ten 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 Rs trip to Manchester United in the Barclays Premier League on Saturday afternoon. The club will be making a further announcement in due course."
Hughes' final game in charge was a demoralising 3-1 home defeat to newly-promoted Southampton, who cut their hosts four points adrift at the bottom of the Premier League.
The sacking comes just 24 hours before QPR travel to face Manchester United at Old Trafford and, with ex-Tottenham boss Redknapp the overwhelming favourite to step in, the club confirmed they are looking at appointing a new manager as soon as possible.
Hughes' position at Loftus Road had been under increased scrutiny after last weekend's 3-1 home defeat to fellow strugglers Southampton made it 12 league games without a victory at the start of the season.
The Welshman appeared to have been given time to turn around the club's fortunes following a meeting with chief executive Philip Beard earlier this week - only for the club to decide enough was enough on Friday.
Beard was seen talking to the players during Friday's training session following Hughes' departure.
Former Manchester City boss Hughes oversaw 34 matches as manager at Loftus Road, winning just eight of those fixtures.
He managed to keep the club in the Premier League last season despite a 3-2 defeat at City on the closing day of the campaign, picking up memorable victories over Liverpool, Arsenal and Tottenham along the way.
Marquee signings such as Park Ji-sung, Junior Hoilett, Julio Cesar, Jose Bosingwa and Esteban Granero were brought in before the transfer window closed but Hughes could not bring the best out of his expensive talent.