Assistant coach Murry Bartow will serve as the interim head coach for the remainder of the season.
With the Bruins sitting at 7-6 and mired in a four-game losing streak, athletic director Dan Guerrero made the decision to terminate Alford's contract.
UCLA hired Alford in March 2013 after his successful six-year tenure with New Mexico. The Bruins went 28-9 during Alford's first season and made appearances in the Sweet 16 in three of his first four years at the helm but were eliminated as part of the First Four in last year's NCAA tournament.
Alford finishes his stint at UCLA with a 124-63 record including a 55-35 mark in conference play.