Ex-Burnley, Preston North End & Luton Town man sacked by League Two club after just 16 games
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The 52-year-old was only appointed in May following last season's relegation to League Two.
But MK have failed to win any of their last eight league games and are currently 16th in the table.
“Milton Keynes Dons Football Club has parted company with head coach Graham Alexander,” the club said in a statement.
“Assistant head coach Chris Lucketti will also depart Stadium MK.
“The club would like to thank Graham and Chris for their dedication and tireless efforts during their time at Stadium MK. They depart with the best wishes of everyone at MK Dons.”
It was Alexander’s first managerial job since leaving Motherwell in July 2022.
The former Clarets captain has also managed Fleetwood Town, Scunthorpe United and Salford City.
The final straw for MK came on Saturday when they squandered a two-goal lead to draw 2-2 at home to Barrow, with both of Barrow’s goals coming in stoppage time.
It prompted a strong outburst from Alexander during his post-match interview.
“We have unbelievable ways of shooting ourselves in the foot,” he said.
“It’s a blind panic at 2-1. You have to see it through and it’s not the first time it’s happened. It happened in pre-season: one punch and then another one. We can’t even put the shutters up after one goal.
“My God. I don’t know what to say. If it was out of character, or I didn’t see it coming... but I can’t lie. After the first one, a part of me could see it coming.
“It's our daily actions, courage, everything we do. It's not luck, we can't hope for luck to change or hope someone sprinkles magic dust over us.
“We have to stop believing in fairy tales. It's about what we do every day and doing it in a game. We told them not to give Barrow any encouragement.
“My God, we played straight out from the back and kicked it straight out of play. We gave it to the opposition. This isn't a bunch of kids who haven't played before. Surely we know how to see these things out.
“You weather that and we enter the part where it should be game done. We had opportunities to see the game out.”