The Yellows slipped to a 3-0 defeat to end a dramatic season for the club which saw them clinch a play-off spot on the final day of the season.
The move ends a long association with Graves and the Watnall Road club and will also see assistant Paul Stevenson leave the club.
A Hucknall Town statement said: “The club would like to announce the resignation of both the First Team Manager, Andy Graves and his assistant Paul Stevenson with immediate effect.
"The club wishes to thank both Andy and Paul for their commitment and dedication to Hucknall Town Football Club and we wish them all the very best for the future.
"We will not be making any further comment at this time and further information will be made available in due course.”
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