Jol, who took the reins at Craven Cottage in June 2011, had been under increasing pressure after the club slipped into the Premier League relegation zone.
Saturday's defeat at Upton Park, which saw the visitors fail to muster a shot on target, represented the final straw for Fulham owner Shahid Khan and Jol’s exit was confirmed on Sunday.
Meulensteen, who was appointed as Fulham’s first-team coach in November, will now take over.
"Today (Sunday) I spoke with Martin to thank him for his efforts on behalf of Fulham Football Club over the past three seasons and, in particular, since my becoming chairman earlier this year," Khan said in a statement.
"Martin was very gracious and I appreciate his understanding of the situation. There is no question Martin is an excellent football man and he has my utmost respect for the commitment he made to our club.
"However, our poor form and results this season are undeniable, and Fulham supporters deserve better. With more than half the season still ahead, an immediate change was necessary."
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