The Red Raiders completed their season with a 29-26 overall record and a 7-17 mark in Big 12 play that wasn't good enough to earn a spot in the conference tournament. It was the lowest conference win total for Tech since it won five Southwest Conference games in 1990.
Tim Tadlock was named interim head coach, and the search for Spencer's replacement will begin immediately, the school said.
Spencer arrived in Lubbock in July 2007, serving one season as associate head coach under Larry Hays. Spencer became head coach when Hays retired after the 2008 season.
In four seasons with Spencer as head coach, Tech went 115-112 overall and 44-61 in the Big 12 and failed to reach the NCAA tournament.
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