The England and Wales Cricket Board confirmed the news with chief executive Tom Harrison saying: "During his time in the role Chris has given absolutely everything to make a success of it. He is a man of great integrity, who players and staff alike have enjoyed working with."
The sacking comes following a review into the recent Ashes series which ended in a 4-0 thrashing away in Australia.
However, the capitulation Down Under wasn't the only disappointing result under Silverwood's watch. In fact, the 46-yeard-old oversaw a poor 2021 of red-ball cricket where England lost nine of the 15 Tests, including series losses away to India and at home to New Zealand.
Silverwood first joined the set-up at the beginning of 2018 as bowling coach before he was promoted to become Trevor Bayliss' replacement at the end of the drawn 2019 Ashes.
ECB's chief executive added: "He has led the England men's team with great resilience and empathy through an incredibly challenging period for English cricket, and he deserves our sincere thanks and gratitude.
"In the coming days Andrew Strauss will appoint a caretaker coach for the tour of the West Indies and will then consider the appropriate coaching structures to help England move forwards."
Silverwood also commented on his departure, highlighting his pride at holding the role of head coach for the England team.
He said: "It's been an absolute honour to be England head coach and I'm extremely proud to have worked alongside our players and staff.
"I want to thank them all for the hard work and commitment they have given during my time in the role and I wish them all the very best moving forward.
"The last two years have been very demanding but I have really enjoyed my time with the team and working with Rooty and Morgs and I am very proud of this group considering the challenges.
"I leave with fond memories and I am now looking forward to spending some quality time at home with my family and embracing the next chapter."