The Eagles have endured a dismal 2016 and sit 15th in the table, just one point above the relegation zone.
Last weekend's 1-0 defeat to Chelsea was Palace's eighth in their last 10 games.
The club confirmed the news on Thursday afternoon with the former Newcastle chief asked to stand down.
Chairman Steve Parish confirmed the search has already begun for his successor with Sam Allardyce the overwhelming favourite.
Parish said, “I would like to put on record our sincere gratitude for the tremendous service Alan has given us, both in his time here as manager and previously as a player.
"Following a fantastic second half of 2014/15, the 2015/16 season culminated in only narrowly missing out on winning the FA cup as well as securing our Premier League place for a record breaking fourth time.
"During his tenure Alan’s hard work and dedication were without question, he has improved so many areas of the Club and we wish him the very best for the future."
The Eagles currently have the worst record in 2016 of all four divisions of English football.
Palace have won just six of their 36 matches in the calendar year, managing 26 points out of a possible 108.
It is reported Pardew has been given a pay-off in the region of £5m.
Pardew, who played for Palace for four years, arrived from Newcastle in January 2015.
He guided the Eagles to a 10th placed finish in the 2014/15 season but ended last campaign in the 15th position.
The 55-year-old did take the club to the FA Cup final though, as they were beaten by Manchester United at Wembley.
Palace are next in action on Boxing Day as they take on Watford at Vicarage Road with Keith Millen set to be caretaker Manager.
Pardew becomes the second Manager to be sacked in England's top flight this season, following the sack of Francesco Guidolin at Swansea in October.
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