The club will begin a managerial search immediately.
"Throughout this difficult season, Ron's consistency and professionalism kept the environment in our clubhouse productive and gave all of our players room to grow and develop," chief baseball officer Chaim Bloom said in a statement, according to MLB.com.
"While we believe that, moving forward, we will benefit from new leadership and new energy, that does not diminish how strongly we feel about Ron. He is a man of the highest character who cares about our players and the Red Sox organization. As bench coach, he helped this team win a world championship. As manager, he showed poise and leadership in navigating an extremely challenging year. We are grateful for all of his contributions in our uniform."
Roenicke will manage Boston's last game of 2020 before he's relieved of his duties, according to MLB.com's Ian Browne.
The 64-year-old former bench coach of the Red Sox took over managing duties after the organization and Alex Cora mutually parted ways last January.
When asked about the possibility of Cora being rehired as manager, Bloom didn't provide a clear answer.
"I still don't want to get into any detail on my thoughts on Alex," the executive said of the club's former manager who MLB suspended in April, according to The Boston Globe's Alex Speier. "There will be a time when I can get into more detail on Alex, his situation."
"That time isn't now," he added.
Entering Sunday, the Red Sox are 23-36 under Roenicke.