Tindall stepped up from his role as an assistant to replace Eddie Howe back in August after Bournemouth suffered relegation from the Premier League.
Tuesday’s 2-1 home defeat to Sheffield Wednesday left the Cherries in sixth position, 13 points off top spot.
The club said in a statement: "AFC Bournemouth have today parted company with manager Jason Tindall.
"It is a decision which has not been taken lightly, given Jason's outstanding commitment to the club as a player, assistant manager and manager.
"However, recent performances and results have fallen well below the board's expectations. We feel a change is needed now in order to give the club the best possible chance of achieving the goals that were clearly set out last summer.
"We would like to place on record our thanks to Jason for his services to AFC Bournemouth over the past 22 years. He is someone who is fondly thought of throughout the club, having played an important role in rescuing the club from its darkest days and taking it on the greatest journey it has ever had.
"Jason will always be welcome at Vitality Stadium and we would like to wish him every success for the future."
Bournemouth are next in action against Birmingham City in the championship this weekend.
