Kiev have lost four of their last five games including a 4-1 thrashing by PSG in their Champions League opener earlier this month and a defeat to Shakhtar Donetsk in the Ukrainian Cup.
"Dynamo thanks Yuri Pavlovich Semin for the work he has done and wishes him luck in his future activities," a club statement said.
The club has yet to announce a replacement for Semin.
The 65-year-old Russian coached Dynamo Kiev from 2007 to 2009 and returned to the club in late 2010.
- Sports & Recreation
- Shakhtar Donetsk
- Dynamo Kiev