QPR sit in 17th place in the Championship and are currently six points behind the play-off places.
The former Chelsea and Atletico Madrid striker was in charge of the Championship side for just 11 months and won just 14 out of 47 games in charge.
The club said in an official statement: "The club appreciates Jimmy's efforts during his time in charge and wishes him all the best for the future.
"Owing to the international break, the First Team squad will return to training on Wednesday. A further update regarding the club's managerial situation will be made in due course".
Former Tottenham and Aston Villa manager Tim Sherwood has been tipped as a potential replacement for Hasselbaink.