The decision was announced after Saturday's 5-1 thumping at Tynecastle.
The defeat was the Mariners' 11th loss in 15 East of Scotland Premier Division matches this season.
In a statement the club confirmed it had "reluctantly parted company" with the pair, adding: "Without question, the commitment and dedication of the management team to the team and club have been exceptional especially during a major transitional year.
"Both leave with the club’s sincere thanks and best wishes for the future."
Colley and Strathie were only appointed in March after the departure of Gordon Herd and John Miller.
At the time Colley said his long-term aim was to lead Camelon to the East Premier title and into the Lowland League.
But the Carmuirs Park side currently languish fourth bottom of the table, a massive 27 points adrift of league leaders Penicuik Athletic with a game more played