The criterion for determining whether mean-field theory is good or not is the Ginzburg criterion. You can estimate how accurate mean-field theory is by computing the leading corrections to it. In particular, the exact Ising model is
$$
H = -J \sum_{\langle i j \rangle} s_i s_j,
$$
and mean-field theory is done by taking
$$
s_i s_j = M^2 + M (s_i + s_j) + (s_i - M) (s_j - M),
$$
where $M = \langle s_i \rangle$, and then approximating the last term as zero,
$$
(s_i - M) (s_j - M) \approx 0.
$$
One way to determine that mean-field theory is failing is to calculate the expectation value of this omitted term within mean-field theory and compare it to the magnitude to $M^2$ near the critical point. If that ratio is large, then the term you omitted will cause a large correction, so you're not justified in omitting it. One can show that if the system has correlation length $\xi$, then
$$
\langle (s_i - M) (s_j - M) \rangle \propto \xi^{2-d}.
$$
Meanwhile, within mean-field theory, $M^2 \propto \xi^{-2}$, so the Ginzburg criterion says that mean-field theory is accurate if
$$
\xi^{2-d} \ll \xi^{-2}.
$$
This means that, close enough to the phase transition ($\xi$ large enough), mean-field theory is asymptotically correct for $d>4$ and incorrect for $d<4$. (As an aside, if we considered longer-range interactions, the range of the interaction alters this criterion.)
Does this mean there is no phase transition for higher dimensions than four?
No, this means that there is always a phase transition for $d>4$ (mean-field theory predicts a phase transition).
Second question: The transverse Ising model [...] is the quantum correspondence of Ising model. Does the statement above hold for this model?
The $d$-dimensional transverse-field Ising model (TFIM) actually corresponds to a $d+1$-dimensional classical finite-temperature Ising model. So the upper-critical dimension is $3$ for the TFIM.