Wednesday’s 1-1 draw at home to bottom-side Cordoba extended Deportivo’s winless run to eight league games.
Deportivo are 17th in the standings, just two points clear of the drop zone with eight games remaining.
A statement from Deportivo read: “Deportivo’s administration council announces that Victor Fernandez is no longer the coach of the first team.
“The coach was notified of this decision after the game against Cordoba.
“Deportivo wishes to thank Victor Fernandez for the work done over the past nine months.
“For the time being, the club has not completed the signing of his replacement.”
Fernandez joined Deportivo last summer shortly after the La Coruna-based club surprisingly sacked coach Fernando Vazquez six weeks before the start of the campaign.
Vazquez had led Depor to gain promotion to the Spanish top flight last season.
Under Fernandez, Depor have won six and lost 15 of their 30 league games.
The Galician outfit travel to San Sebastian on Sunday to face Real Sociedad.