The 49-year-old Welshman guided the club to Premier League safety after taking over from Neil Warnock in January but has fallen foul of his employers having spent heavily over the summer and failing to secure a win this term.
His dismissal leaves Harry Redknapp, who revealed he was in talks over taking charge of the Ukraine 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 R's 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 2-1 home defeat to newly-promoted Southampton, who cut their hosts four points adrift at the bottom of the Premier League.
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