Film production firm The Weinstein Company said in a statement that its co-chairman's employment had been "terminated, effective immediately".
It said its board of directors made the decision "in light of new information about misconduct by Harvey Weinstein that has emerged in the past few days".
The father-of-two had taken a voluntary leave of absence after the allegations were detailed in The New York Times last week.
In a statement he conceded causing "a lot of pain" and asked for "a second chance", blaming his actions on the workplace culture in the '60s and '70s.
The company's board endorsed his leave on Friday, but went further on Sunday night, sacking the 65-year-old from the firm he co-founded which produced Oscar-winning films including Good Will Hunting, The King's Speech and The Artist.
Also on Sunday, US President Donald Trump got involved, saying he was "not at all surprised" to see the allegations of sexual misconduct made against Weinstein.
As he boarded a helicopter at the White House, the US President told reporters: "I've known Harvey Weinstein a long time... I'm not at all surprised to see it."
The comments coincide with the anniversary of the publication of the 2005 Access Hollywood video in which Mr Trump boasted about grabbing women's genitals.The President again dismissed the tape's contents as typical male bragging, saying - as he did at the time - "that's locker room".
His intervention comes after Weinstein's latest accuser, TV presenter Lauren Sivan, claimed he cornered her in a Manhattan restaurant in 2007 and tried to kiss her.
When she refused, he said: "Well, can you just stand there and shut up." He then allegedly performed a sex act in front of her.
She joins other women, including actors Ashley Judd and Rose McGowan, in accusing the film producer of sexual harassment stretching back years.
In another blow to Weinstein, who is married to British fashion designer Georgina Chapman, his lawyer, Lisa Bloom, has quit representing him.
In a statement issued on Thursday, he apologised for his conduct, saying: "I appreciate the way I've behaved with colleagues in the past has caused a lot of pain, and I sincerely apologise for it.
"Though I'm trying to do better, I know I have a long way to go."
The Academy Award winner formed independent movie studio Miramax in 1979 with his brother Bob, selling it in 1993 to Disney, before setting up The Weinstein Company in 2005.
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