No interim head coach was immediately named. The Predators will face the Boston Bruins on Tuesday night in Nashville.
"Under the leadership of Peter and Kevin, our organization reached unprecedented heights -- from our franchise-altering run to the Stanley Cup Final to a Presidents' Trophy and our first two Central Division titles," Predators general manager David Poile said in a statement. "Their passion for the game, ability to motivate the team and drive to be the best makes this a difficult decision.
"On behalf of the entire organization, I would like to thank Peter and Kevin for all their contributions to the Nashville Predators over the past five-and-a-half seasons."
The decision comes after Poile said Thursday in a radio interview that he was "not contemplating making a coaching change at this time." Following the Predators' shootout loss to the Anaheim Ducks on Sunday night, the franchise reversed course and removed Laviolette.
Since being hired in 2014, Laviolette guided the Predators to a 248-143-60 record. Nashville has reached the playoffs in every season under Laviolette, including a trip to the Stanley Cup Final in 2017.
Laviolette previously led the Carolina Hurricanes and Philadelphia Flyers to the finals. He won a championship with the Hurricanes in 2006.
The Predators are 19-15-7 this season, sitting seven points out of third place in the Central Division.