The 41-year-old took over the reins in 2011 and guided Getafe to two mid-table finishes in his first two seasons in charge.
However, Garcia has paid the price for an atrocious run of form that has seen Getafe slide down the table, their last success coming in a 1-0 win over Levante at the end of November.
That dismal spell has left the club 15th in the league, just one point above the bottom three.
Sporting director Toni Munoz confirmed the news at a press conference on Monday.
He said: "We're grateful for his work, he's a great professional and a great person and we want to thank him for the time he's been with us."
Garcia added: "It's a sad day. I hope with all my heart that Getafe continue in the Primera Division."
Getafe meet Granada on Friday and it remains unclear who will succeed Garcia.
