A post office called Prescott has been in operation since 1881. The city was named after C.H. Prescott, a railroad official. Prescott was officially incorporated on March 13, 1903. The peak population was in 1900 at 657.
Prescott is located at 46°17′56″N 118°18′52″W (46.298872, -118.314408).
According to the United States Census Bureau, the city has a total area of 0.40 square miles (1.04 km2), all of it land.
According to the Köppen Climate Classification system, Prescott has a semi-arid climate, abbreviated "BSk" on climate maps.