Oilers owner Bud Adams said Fisher, 36, was signed to a 3-1/2 year contract.
The shakeup Monday came a day after the Oilers lost 34-31 to the Cincinnati Bengals for their sixth straight loss.
After qualifying for the playoffs for seven straight seasons, the once-proud Oilers are mired in last place in the AFC Central Division. Pardee, 58, a former star linebacker with the Los Angeles Rams and Washington Redskins, was named Oilers head coach in 1990, succeeding Jerry Glanville.
He was the second most winning coach in Oilers history, amassing a 43-31 regular season record and leading them to two divisional championships.
"It's a difficult moment. This is my livelihood," Pardee said after his firing. He said he would still like to coach.
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