Renard took over at Stade Pierre-Mauroy in May, signing a three-year contract after leading Ivory Coast to glory at the Africa Cup of Nations.
The 47-year-old, who also won the Cup of Nations with Zambia, has now been relieved of his duties after leading Lille to just two league wins this season.
A club statement read: "After 13 matches of Ligue 1, LOSC advanced to the 16th in the standings; a perilous position and certainly not up to the club's goals.
"Absolutely convinced of the talent within the squad, [chairman] Michel Seydoux quickly made a decision that will aim to review the management of the playing squad to rebuild a positive dynamic and put the project of Lille back on the road to success.
"The short term goal is to achieve a rapid impact on the play and results of the team."
Lille had finished third and eighth in the previous two seasons under Rene Girard, who Renard replaced as boss. Assistant coach Patrick Collot will take charge until a permanent manager is appointed.