The speech capped an extraordinary weekend that saw Zimbabweans jubilant at the prospect of his demise and venting their anger in ways that, just a week earlier, would have been brutally punished.
Mugabe said the Army's operation did not "challenge my authority as head of state, not even as commander in chief".
Grace Mugabe was expelled from the ZANU-PF ranks.
The war veterans' association will go to court to argue that Mr Mugabe is "derelict of his executive duty", Mr Mutsvangwa said.
Harare resident Tina Madzimure called the speech "an embarrassment really". We are not going to be leaving Harare until this guy is gone.
Support is reportedly building up for ousted Vice President Emmerson Mnangagwa, whose sacking sparked the army intervention on Tuesday.
But Mnangagwa, 75, has close ties to the army and the powerful war veterans.
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After he fled overseas, the army took over the country and placed Mugabe under house arrest.
Mugabe became a law unto himself and the de-facto brains behind not only the Executive but other arms of the State namely Parliament and the Judiciary. "Mphoko be recalled from his position for being divisive, spreading hate speech, protecting criminals, his manner was inconsistent with the decorum and office of the vice president", said Chinamasa.
Mugabe's downfall is likely to send shockwaves across Africa, where a number of entrenched strongmen, from Uganda's Yoweri Museveni to Democratic Republic of Congo's Joseph Kabila, are facing mounting pressure to step aside.
The call came as Zimbabwean military leaders said Mugabe would be deposed if he did not heed an ultimatum to resign on Saturday.
Mugabe faced the threat of impeachment by his own Zanu-PF party if he did not resign by noon on Monday.
November 15: The military announces that Mugabe is under house arrest and an operation has begun to arrest "criminals" around him who harmed the economy. He urged Zimbabweans to embrace harmony and comradeship. "I hereby resign, '" said Vuso Moyana, who watched Mugabe on his iPad with his friends in a Toronto restaurant where they were having lunch after church. Now that Mugabe has been fired by his party and has lost control of the parliamentary party, his presidency is effectively untenable.
The National Assembly and the Senate can begin proceedings to remove the president if both pass simple majority votes against him - either on grounds of "serious misconduct", "violation" of the constitution or "failure to obey, uphold or defend" it, or "incapacity".