Joseph's firing was first reported by ESPN.com's Adam Schefter.
Joseph released a statement Monday, thanking the Broncos for giving him "the opportunity to serve as the head coach" of the franchise.
"I want to thank [Broncos president of Football Operations and General Manager] John Elway, [president and CEO] Joe Ellis and the organization for the opportunity to serve as the head coach of the Denver Broncos," Joseph said, per The Athletic's Lindsay Jones. "It's disappointing not being able to finish what we started, but I'm incredibly proud of the players and coaches for how they fought and worked every week."
Joseph finishes his time with an 11–21 record with Denver, including losing the last four games of this season.
"Vance made a lot of strides and deserves credit for how hard and competitively the team played this season," said Elway. "There’s always going to be a high standard here — The bottom line is we need to win more football games. We’re excited about the foundation that’s being built and look forward to putting in the work to get the Broncos back on the winning track."
Earlier this month, it was reported that Joseph was nearly done after the 2017 season when Elway reportedly tried to hire former head coach Mike Shanahan to replace Joseph.
Elway won two Super Bowls under Shanahan as Denver's quarterback.
The Broncos were Joseph's first head coaching job in the NFL. He previously served as an assistant with the Dolphins, Bengals, Texans and 49ers.
This season marked consecutive losing seasons for the first time since 1971-72.