The axe was wielded on the Spaniard after just six-and-a-half months in the hot seat.
Benitez oversaw a woeful run of results that nadired in a 2-1 defeat to relegation-threatened Norwich City on Saturday.
The Toffees had won just once since September and jettisoned to 15th in the Premier League table.
Owner Farhad Moshiri finally sacked Benitez after weeks of clamour from swathes of supporters.
Benitez's appointment was hardly a popular one last summer given his links across Stanley Park.
He once took a jibe at Everton when he was Liverpool manager, calling them a "small club" following a 0-0 draw in the Merseyside derby in 2007.
Benitez replaced Carlo Ancelotti at Goodion Park last June.
The Italian made a surprise departure to return to Real Madrid after only 18 months at the Blues.
And on the day Benitez was given his marching orders, Ancelotti compounded Evertonians' misery.
The former AC Milan manager won his first piece of silverware during his second stint in charge at the Santiago Bernabeu.
Los Blancos defeated Athletic Bilbao 2-0 to claim the Spanish Super Cup.
Real are also on track to claim the La Liga title as they sit five points clear at the summit of the table.
Speaking after the win, Ancelotti admitted he did a good job at Everton but was disappointed not to have ended their long wait for a trophy.
‘ I didn’t win anything’
He said: “We deserved to win the trophy based on the two games we’ve played here. Both games were different, but they were good games.
“We had to play differently in this game and played well for the first 70 minutes. We controlled the possession and defended very well. We dropped a bit deeper afterwards, but that could happen in a final. I’m very pleased, happy and we’ll carry on
“Winning is the result of the hard work. Winning means you’ve done a good job, but sometimes it doesn’t work out that way.
“I did a good job at Napoli and Everton but I didn’t win anything. People think that winning means you’ve been successful.
“I know that you can’t always win because sometimes you draw or lose.”