The 43-year-old lost his cool with his own supporters recently, cementing his fate.
Tuesday night’s 2-1 home defeat to Charlton Athletic led to an emergency board meeting and the sack.
Evatt had to apologize for yelling "f*** off" towards home supporters after a 2-2 draw with Cambridge recently.
Evatt said: “I’ve absolutely loved my time here at Bolton Wanderers Football Club. Working with Sharon and Nick (Luckock) has been a pleasure, and I’ve been superbly backed along the way by my team of staff and the players. There comes a point in football when a change needs to happen and the last thing I want is to damage what we have all built together.
“I believe the Club is still well placed to achieve its goals this season, and I want to give the Board and players the best chance of doing that. I am very grateful for everybody’s support and to be the manager of this wonderful football club has been the greatest honour of my career. To our fans, thank you for the support you have shown me and my staff. Together we have created some very special memories and I will always be a fan of this amazing football club.”