Holgorsen didn't disclose a reason for Lambert's departure.
"Josh Lambert is no longer a part of the football team," Holgorsen said at his weekly news conference Tuesday. "We appreciate everything he's done here; he's had a great career at West Virginia. He's got his degree, and we wish him the best moving forward. I won't comment on it other than that."
Lambert played in one game this season after serving a three-game suspension for an undisclosed violation of Big 12 eligibility rules that also forced him to sit out spring practice. Lambert missed one of two field goal attempts in a 17-16 win over Kansas State on Oct. 1.
Mike Molina has made five of six tries this season in Lambert's place, and he also is handling kickoff duties.
"Very comfortable with Mike Molina," Holgorsen said. "Did a great job for us the first four games and he's our kicker, has been our kicker and know he's going to do a great job."
No. 20 West Virginia (4-0, 1-0 Big 12) plays at Texas Tech (3-2, 1-1) on Saturday. In 2014, Lambert kicked a 55-yard field goal as time expired to beat the Red Raiders 37-34 in Lubbock, Texas.
As a sophomore in 2014, Lambert set an NCAA record with 16 field goals of 40 or more yards and he ranked No. 2 in the nation in scoring. He also was a Lou Groza Award finalist as one of the nation's top place-kickers and a first-team All-Big 12 selection.
He made 69 of his 92 career attempts at WVU and was just five field goals shy of the school record.
ESPN's Max Olson and The Associated Press contributed to this report.