Saturday's heavy defeat left the Mariners eight points adrift of the bottom of the A-League having taken only seven points from 21 games this season.
Mulvey was appointed in April 2018 but his side have only won one game in this campaign, leading to his dismissal.
"With six games remaining in the A-League 2018-19 season, the club will issue a statement when a decision has been made regarding who will lead the team during this period," a Mariners statement said.
"At this stage, there are no other changes to the club's other coaching and football support staff. The Central Coast Mariners wish Mulvey all the best in his future endeavours and thank him for his service to the club."
The Mariners, which lost its previous game 5-3 to fellow strugglers Brisbane Roar, returns to action at Newcastle Jets next Saturday.