Rooted to the foot of the table and 14 points from safety, Fürth have managed just two wins all season and with their Bundesliga future looking bleak, the club took decisive action in the wake of Saturday's 1-0 defeat by Fortuna Düsseldorf.
Büskens took over at the Trolli Arena in 2010 and, after narrowly missing out on promotion in his first season in charge, eventually led the Clover Leaves into the Bundesliga last term.
Club president Helmut Hack commented on the decision: "Because we know how much we have Mike Büskens to thank for, it was a very difficult decision for us. We still have a chance of survival and we wanted to try and give the team some fresh impulse."
Büskens becomes the fourth Bundesliga coach to be dismissed so far this season. A successor is yet to be found, so Under-23 coach Ludwig Preis and sporting director Rouven Schröder will take over first-team duties in the interim.