Club owner Steve Morgan has ended former Manchester City defender McCarthy's reign with Sunday's 5-1 home defeat to West Brom the final straw.
Some fans vented their anger towards the directors box during the game and a couple of hundred demonstrated outside the ground long after the final whistle.
Wolves released a statement which read: "Wolves have today announced that manager, Mick McCarthy, has left the club with immediate effect.
"The Board took the difficult decision to terminate Mick's contract after a run of form which has seen Wolves pick up only 14 points in the last 22 League games, after a promising start to the season, culminating in yesterday's 5-1 defeat at home to West Bromwich Albion.
"Terry Connor will take charge of team training in the interim until a new manager is appointed.
"The Board would like to place on record their sincere thanks and appreciation to Mick McCarthy and he leaves with the very best wishes of everyone connected to the club."
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"fans vented their anger"...these people have become similar to religious fundamentalists and maybe that's the problem. Football is like a religion to many people. When you think about it, nothing divides a society or creates animosity between the populations of other countries more than religion and football. Both sets of "supporters" are deluded and, in a certain way, have lost a grip on reality: religious fundamentalists put their happiness on the line to an unknown entity that does not actually exist and football supporters put their happiness on the line to a bunch of men paid to play a game for them. Strange isn't it? All I can say is: "What's the big deal with reality? Come on you Reds...let's get number 20 in our holy trophy cabinet!"
Billy, just like all the religious fundamentalists you mentioned, you're so obsessed with United, that you felt the need to profess your religious devotion to the Devils. In case you didn't notice, the article you commented on is about Mick McCarthy losing his job! For you, the entire world revolves around United. A good man has lost his job today and that has ZERO to do with United. If you were a Wolves supporter, you'd actually understand what it means to be truly loyal, even if your team never wins a single trophy again.