Athletic director David Matlin said Chris Naeole will finish the season as interim head coach.
The 69-year-old Chow was 10-36 overall and 4-25 in the Mountain West Conference in four seasons at Hawaii. The Rainbow Warriors are 0-5 this season in the Mountain West.
"I'd like to thank Coach Chow for his dedication to our football program for the past four years," Matlin said in a statement. "Ultimately, we feel this decision is in the best interest of the university and athletics department and we need to move in a different direction. Coach Chow should be commended for helping our football program achieve all-time highs in APR scores and graduation rates."
From Honolulu, Chow took over the Hawaii program after a long run as an assistant coach with BYU, North Carolina State, Southern California, the NFL's Tennessee Titans, UCLA and alma mater Utah. He was the offensive coordinator on national championship staffs at BYU in 1984 and Southern California in 2003 and `04, and coached Heisman Trophy winners Ty Detmer, Carson Palmer and Matt Leinert.
Hawaii went 3-9 overall and 1-7 in the Mountain West in 2013, dipped to 1-11 and 0-8 in 2013, and was 4-9 and 3-5 last season.