Heading into the weekend, the Robins were bottom of League One, with one point, having lost seven of their eight games.
Their 3-0 defeat by Peterborough on Tuesday night saw them equal the English Football League record set by Halifax in 1990-91 of eight games without scoring a goal.
Elliott, 44, took over from Michael Duff as head coach in June last year.
The former Bournemouth and Burnley midfielder joined Cheltenham's coaching staff in 2020 and was first-team coach prior to taking the top job.
But after guiding the team to League One safety and a creditable 16th place last season, Cheltenham have begun this season on a torrid run and failed to score or register a win.
In a statement on&nbsp;Wednesday, the Robins said: "Cheltenham Town have today parted company with first team manager Wade Elliott by mutual consent.
"The directors would like to place on record their appreciation for Wade's contribution since joining the club as a coach in September 2020, playing a significant role in the League Two title win and then the club's highest finish alongside Michael Duff.
"He was named head coach last summer and went on to achieve the club's second highest finish in his own right."
Assistant manager Kevin Russell was placed in caretaker charge ahead of the game against Stevenage yesterday.

WADE PAYS PRICE FOR ROBINS WOE

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