In their opening game Preston lost to promotion candidates Sheffield United in what was an underwhelming performance that has cost Lowe his job.
The 45-year-old has been in charge since December 2021 and has led the club to three mid table finishes over the years.
Preston ended last season with a five-game losing streak during which they failed to score.
Club director Peter Risdale thanks Lowe for his hard work over the years and explained the club's decision.
He said it was "mutually agreed that now was an appropriate time for a change to be made.”
"Ryan leaves with the thanks of everyone at the club for his hard work, dedication and commitment, and we wish him and his family the very best for the future."
Mike Marsh has become the interim manager for the time being and will likely be in charge for the clubs EFL Cup game against Sunderland.